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CONSUMER CYCLICALS: Flutter (Ba1/BBB- Pos/BBB) UK considering doubling taxes

CONSUMER CYCLICALS
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29s -0.4pt/+15bps on the UK tax headlines.

  • We don't view it as a significant credit mover (looking at a HSD hit to group EBITDA on a doubling in tax).
  • 29s at OAS+170/4.3% are screening some value vs peers.
  • We do expect supply within the next year for refi of a €2.5b bridge facility.
  • Q3 earnings come on the 12th Nov.
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29s -0.4pt/+15bps on the UK tax headlines.

  • We don't view it as a significant credit mover (looking at a HSD hit to group EBITDA on a doubling in tax).
  • 29s at OAS+170/4.3% are screening some value vs peers.
  • We do expect supply within the next year for refi of a €2.5b bridge facility.
  • Q3 earnings come on the 12th Nov.