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El Corte Inglés (CRTING; NR/BBB-/BBB-) FINAL (private co)

CONSUMER STAPLES

FINAL: €500m 7Y +155 vs. FV +150, 5bp NIC

  • -35 in from IPT, books>€3.6b (>€3.25b at guidance); strong pricing here from the Spanish co.
  • As we said, roadshow implies co will move out of loans back into the public bond market (now that it has IG rating).
  • No colour on when it will next report but website only has annual results public (12m to Feb) - FY23 was reported last week.

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