EU TRANSPORTATION: Mobico | Weakness continues
May-07 13:51
(MCGLN; Ba2/NR/BBB-; Stable)
Since announcing the asset sale:
- £28 +53 bps
- €31 +92 bps
- Hybrids -12pts
- Equities -48%
A long-awaited, supposedly credit-positive catalyst backfiring here.
Event of Default hopes aren’t doing much to support the seniors — cash prices are falling too.
Some parallels to Whirlpool: poor governance and a pending asset sale as the only source of deleveraging (though WHR has other levers - including + FCF).
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BOE APF SALES RESULTS: Detailed results
Apr-07 13:49
| Medium Gilts | Bids received | BOE sells | WAAP | Prev bids | Prev sales |
| 4.25% Jun-32 | GBP0.0m | GBP49.6m | GBP24.8m | ||
| 0.875% Jul-33 Green | GBP0.0m | GBP0.0m | GBP0.0m | ||
| 4.50% Sep-34 | GBP0.0m | GBP65.5m | GBP20.2m | ||
| 0.625% Jul-35 | GBP746.2m | GBP667.6m | 68.358 | GBP46.9m | GBP20.1m |
| 4.25% Mar-36 | GBP131.6m | GBP58.6m | 97.252 | GBP651.3m | GBP597.7m |
| 1.75% Sep-37 | GBP320.5m | GBP23.8m | 72.790 | GBP341.6m | GBP62.2m |
| 4.75% Dec-38 | GBP0.0m | GBP9.9m | GBP0.0m | ||
| 4.25% Sep-39 | GBP0.0m | GBP0.0m | GBP0.0m | ||
| 4.25% Dec-40 | GBP0.0m | GBP0.0m | GBP0.0m | ||
| 1.25% Oct-41 | GBP0.0m | GBP29.1m | GBP0.0m | ||
| 4.50% Dec-42 | GBP0.0m | GBP0.0m | GBP0.0m | ||
| 3.25% Jan-44 | GBP0.0m | GBP0.0m | GBP0.0m | ||
| 3.50% Jan-45 | GBP0.0m | N/A | N/A |
BOE APF SALES RESULTS: GBP750mln of medium-dated gilts with bid-to-cover 1.60x
Apr-07 13:48
Previous bid-to-cover ratios: most recent first: 1.65x*, 2.12x, 2.39x*, 2.02x*.
* These operations had a size of GBP725mln
EQUITIES: Sell Order At The Open
Apr-07 13:46
A 1,713 name sell order seen on the cash equity open, which is meaningful, albeit not quite as extreme as the 1,930 name sell order that crossed in mid-Friday morning trade.
