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CONSUMER STAPLES: Consumer: Week In Review

CONSUMER STAPLES
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With the exception of B&M earnings and Flutter’s guidance cut most reporting for the quarter ending November saw in-line growth (Sodexo, Tesco, InPost) to beats (Pluxee and Walgreen Boots). Primary was as expected for this time of the quarter; strong books kept NIC’s muted. The exception was Heathrow that had to hand out 7bps to FV – recent tariff caps may have impacted sentiment. The movers in secondary were continuation of 4Q; Barry Callebaut 29s on Cocoa price linked headwinds, ITM 29s on S&P’s IG rating tailwind and Campari 27s on RV. IAG’s €400m tender across the 27/29s took us by surprise and marks an end - for some - on a name that has been a blessing to credit and equity investors.

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With the exception of B&M earnings and Flutter’s guidance cut most reporting for the quarter ending November saw in-line growth (Sodexo, Tesco, InPost) to beats (Pluxee and Walgreen Boots). Primary was as expected for this time of the quarter; strong books kept NIC’s muted. The exception was Heathrow that had to hand out 7bps to FV – recent tariff caps may have impacted sentiment. The movers in secondary were continuation of 4Q; Barry Callebaut 29s on Cocoa price linked headwinds, ITM 29s on S&P’s IG rating tailwind and Campari 27s on RV. IAG’s €400m tender across the 27/29s took us by surprise and marks an end - for some - on a name that has been a blessing to credit and equity investors.

Fundamentals linked news

Keep reading...Show less