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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
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Emerging Markets
Emerging Markets
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Commodities
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Credit
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Data
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Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday
MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit
MNI BRIEF: Aussie Labour Market Tightens, Unemployment At 3.9%
Wizz Air (WIZZLN 26s; Ba1 S /NR /BBB- Neg) 4Q24 Earnings Next Thursday
Wizz26s was only screen cheap we have in the sector (on the offer side) - mids have moved another -15bps in since continuing a strong ~50bp turn in since Mid-April - might be hard to find offer side from here on in/priced to FV.
- We don't expect FY24 earnings to be risk event - it gave narrow revenue (€5.05-5.1b) & net income (€350-370m) FY guidance range late last month & gave broad strokes for FY25 - including margin improvement & further net debt reduction - both reflected in analyst consensus.
- As reminder the €500m Jan 26s line is most of the corporate debt it has - remaining ~€4.8b in operating leases. Line is callable (at par) from November next year. Liquidity not a issue (cash at ~€1.6b), leverage is down from peak weakness in earnings - but still high at 5.2x.
- Its guiding to that coming down on continued headline earnings recovery - Moody's upgrade back into IG looks likely on consensus FY25 earnings - that's priced here now - carry & roll down still there (offer side Z+74/€95/4.1%).
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.