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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.
CREDIT SUPPLY
- IPT given at MS+95-100; we see FV at MS+65-70bps, noting their EUR 30s streaming near EUR 86
- The WLKNA curve is sitting 2-3bps wider at most maturities though spreads have tightened YTD by up to 11-12bps for their longest bonds (EUR 30s/31s).
- Last went to market for a EUR 700mn 8Y deal in March 2023 that tightened 35bps from IPT to price with a NIP of ~12.5bp at MS+90bps and a cover of 5x. The line is has tightened ~16bp since then.
- We like the Wolters Kluwer credit given the diversified business profile and revenue/EBITDA growth trend - we see the name as attractive compared to tighter BBB+ TMT names (e.g. Deutsche Telekom) despite a leverage ratio that is increasing as part of a debt-funded M&A strategy (mgmt. target of ~2.5x implies leverage has room to rise from the current 1.5x).
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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