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Anglo American(BBB/Baa2): Headwinds

BASIC INDUSTRIES


  • Iron Ore Plunges Most Since 2022 as Inventories Pile Up in China - bbg
  • AALLN Spreads continue to hold up, unchanged to 1 wider today.
  • Downgraded one notch to BBB by S&P on Friday.
  • Spreads already sit ~20bp wider from the tights of last month, but still ~20bp tighter YTD.
  • We continue to see AALLN spreads as tight vs Glencore in the belly of the curve.

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