Free Trial

BAT follows PM with $ Supply

CONSUMER CYCLICALS

S&P is opening +0.1%, low vol day for the index/earnings outside of {WST US Equity} (not public debt issuer) that was struggling on a FY24 guidance miss. 6 $IG issuers were expected, British American Tobacco (Baa2 Pos, BBB+, BBB) among those coming soon after with a 7/10y & likewise to Philip Morris' Friday deal, IPT is well wide. S&P revised BAT's outlook to stable (from neg.) earlier this morning - seems largely retrospective on deleveraging over the last 2yrs. As we touched on Tuesday re. € curves, similarly see little value in $ BAT curve (in secondary).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.