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Ahold FV 7y/12y +85/+100

CONSUMER STAPLES
  • We see FV on the Fixed Green 7Y at +85 (-30 from IPT) & the 12y at +100 (-45 from IPT). The 7Y is coming tight, we don't see any evidence of a Greenium (existing 28's are green).
  • We comp it wider to the Mondelez curve despite the reverse Yankee being one notch lower on S&P (BBB) after Ahold's S&P upgrade late last yr - still Mondelez has moved tighter recently.
  • Note bonds below trade at cash prices of €80-90

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