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CONSUMER STAPLES: Barry Callebaut; 1Q results (to Nov)

CONSUMER STAPLES

(BARY 29s; Baa3/BBB-) Equities -5%

There is some good and bad comments to unpack. Regardless catalyst are unlikely to turn positive (particularly credit metrics FCF and leverage) when it reports 1H results in April.
If that is priced at Z+165 (100 cash px) is a more interesting question. Mids are unch, we will circle back after primary is out of the way.

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(BARY 29s; Baa3/BBB-) Equities -5%

There is some good and bad comments to unpack. Regardless catalyst are unlikely to turn positive (particularly credit metrics FCF and leverage) when it reports 1H results in April.
If that is priced at Z+165 (100 cash px) is a more interesting question. Mids are unch, we will circle back after primary is out of the way.