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Airlines Weekly

CONSUMER CYCLICALS

Airlines seeing the normal higher-beat names compressing on a spread rally. Two notable exceptions was IAG that net traded unch to wider - as mentioned above it does screen tight vs. peers. Second was EasyJet, the highest rated Airline at Baa2/BBB, rallying more than peers in otherwise what seems like a down-in rating bid. Its 28's are now spread -27bps inside one-notch lower Lufthansa. New '31s are ~unch on spread since issuance in Mid-March (came at our FV/no NIC).



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