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Air France-KLM (NR, BB+, BBB-)

TRANSPORTATION
  • Bloomberg has size at exp. €500m so no net supply here given €350m of tenders & a €300m July 24 rolling off.
  • We did flag supply was likely after earnings comments - like Lufty - so should be no surprise for those in secondary.
  • Un-tendered 28s look unch & gives +40 over Lufty.

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