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Burberry (Baa2, NR) Guidance

CONSUMER CYCLICALS

£300m 6Y UKT+185a (+/-2) vs. FV +217 (-32 through)

  • Size is as expected/same as '25s, books >£900m (including JLM) not bad cover here.
  • We have made our thoughts clear over the days, latest ones emphasising caution here.

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