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Euro Tobacco Bonds Continue to Tighten; Little News, Few Equity Moves

CONSUMER STAPLES

MOVERS: two of the top movers in EuroIG index today are Imperial (IMB LN) and Altria's (MO US) '26 bonds.


  • Looks to be very little meaningful newsflow to drive these moves and, compared with Imperial’s (IMBLN 3 3/8 02/26/26) 23bp tightening on a relatively low volatility day, the equity is undisturbed (+0.5%), too. Altria hasn’t opened in the US yet but its benchmark EUR ’26 bond (PM 2 7/8 03/03/26) is 8bp tighter, as well.
  • Worth noting tobacco’s relative performance so far this month: it’s the best performing sector tightening 13bp (EuroIG -4.5bp) and is beating US tobacco by 8bp too (which has tightened 5.2bp vs. US IG -2.6bp). Some sort of momentum to start the year with.
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