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Brown-Forman Slumps on Equities Open

CONSUMER STAPLES
  • Brown-Forman equities {-8%} struggling on the open, the € July 26's are +3bps wider.
  • Even on rating downside risk (which we do see now on flat organic growth guidance) hard to see the line as rich - it already trades at a discount (Z+52) as a reverse Yankee single line.
  • The $ curve trades tighter and could have more risk to widening here.

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