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Accor 28's are +8bps, Ahold +4-6bps.

CONSUMER CYCLICALS
  • Accor looks to be coming in line with FV (Guidance +130 vs. FV of +125) - tight to FV indicative markets still think Accor's secondary curve is fairly priced here. It was also upsized to €600m and initial colour on books (€2.6b) look a healthier than BKNG last week. BKNG unch to 1bp tighter today.
  • More broadly a better reaction to supply today vs. some sessions last week - €IG is net ~unch - but corporate supply is only <€3b today.
  • Strong pipeline of mandates though - but expected given macro calendar picks up starting Wednesday. Expectations for this week are for a slowdown to €20b.

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