April 25, 2024 13:24 GMT
Anglo American (Baa2/BBB): Price Impact
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• AALLN € spreads 8-14 tighter; £ 25 tighter; $ 25-30 tighter; CDS 15bp tighter.
• It appears that € and CDS is pricing in the lowest implied probability here and would have the best convergence upside for those with a view on the deal closing.
• AALLN $ have closed roughly half or more of the gap to BHP with € at slightly less than half.
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