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easyJet (Baa2 S, BBB P) {EZJ LN Equity}

CONSUMER CYCLICALS
  • It has suspended flgihts to Tel Aviv till 27th Oct. "as a result of the continued evolving situation in Israel" (emailed statement, bbg)
  • easyJet trades at the tights of Airline space on firm IG ratings. Airline sector doesn't screen cheap to us (as we mentioned yesterday) given uncertainty on changes like the above & a tough earnings season ahead.
  • Consumer names like BAT (Baa2, BBB+) give +20bps on 31s, Airport retailer Dufry (Ba2, BB+) that's getting hit today (+12-19bps) gives over 100bps in spread.
  • Wizz Air (WIZZLN; Ba1, NR, BBB-; S) was out only recently adding flights to Tel Aviv have been partially restarted and expected more routes to restart through April - June - a positive for the name/sector that looks to be short lived.
  • easyJet equities have been on the slide (-11% last week) yet cash is holding firm today only +2-4bps wider while index is +5.
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