EU BASIC INDUSTRIES: Mondi: S&P Downgrade
Aug-13 13:34
(MNDILN; Baa1/BBB+/NR)
Takes it line with Moody’s and reflects existing weakness. We expect no credit impact.
- 1H adj. EBITDA was soft, and it gave lower contribution guidance for new capacity due to weak market conditions.
- With EBITDA stuck well below 2022 levels plus debt funded expansion, S&P expects leverage slightly above 2x at FY25, which aligns with BBG consensus figures. It had a 1.5x rating threshold.
- It forecasts 1.8x for FY26 with investment easing, with a 2x threshold for the current rating.
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SOFR OPTIONS: BLOCK: Dec'25 SOFR Put Condor Buy
Jul-14 13:26
- +5,000 SFRZ5 95.75/95.87/96.25/96.37 put condors, 6.0 net ref 96.145 at 0915:16ET
OPTIONS: Expiries for Jul15 NY cut 1000ET (Source DTCC)
Jul-14 13:24
- EUR/USD: $1.1550-70(E2.7bln), $1.1600-15(E1.5bln), $1.1665-70(E680mln), $1.1730(E507mln), $1.1745-60(E1.1bln)
- USD/JPY: Y143.50($960mln), Y144.40-50($1.2bln), Y145.45-50($530mln), Y146.35-50($566mln), Y148.25-30($700mln)
- AUD/USD: $0.6480-00(A$1.6bln), $0.6560(A$631mln)
- USD/CAD: C$1.3570-75($525mln)
CANADA DATA: May Wholesales Unexpectedly Rise +0.1% On Household Goods & Autos
Jul-14 13:14
- Wholesale sales ex-petroleum and grains +0.1% MOM in May, above StatsCan's advance estimate -0.4%.
- Gains in five of seven sectors. Personal and household goods +3.5% after three prior declines, autos +2.2%.
- Special survey found: "The share of respondents indicating that the ongoing trade issues had an impact on their businesses fell from 43.6% in April to 36.9% in May."
- Inventories +0.8% after -0.2% in prior month.
- Wholesales +1.8% YOY.
- Report follows Friday's big job gain that pushed down the odds the BOC will cut rates at the July 30 meeting.
