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Elo/Auchan (NR, BBB- Neg) among the best performers today (-5-9bps tighter)

CONSUMER STAPLES
  • As a recap, it reported FY23 results 2 weeks ago, leverage as expected fell from 1H23's peak 2.5*, but remained elevated YoY (1.5* to 1.9*) - & missed company target of 1.5*.
  • That was driven by a ~€200m fall in EBTIDA yoy & net debt increase of ~€300m. As a positive it is declared no dividends.
  • Outside of leverage S&P did flag that the France retail business strain - there was no recovery there mgmt adding "EBTIDA down sharply...difficult operating conditions...particularly in 2nd half"
  • We haven't seen S&P comment since earnings, recent px action seems to indicate markets think it is safe from downgrade risk for now - if so it does it has room to rally (28's ~another 20bps) to pre Nov. levels when it was on Stable. N
  • o firm view from us noting it is only rated by S&P & pre-nov levels are still at a discount to equal rated peers (likely discount as a private equity issuer).
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