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Experian (EXPNLN; Baa1/A-; S)

CONSUMER CYCLICALS
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  • Not much info outside of "acquired strategic stake" in Reward, a co that works on card loyalty programmes with banks & analytics for retailer using that.
  • We have little interest in Experian; the €31s at Z+82 trade in line with consumer staples like Carlsberg and well inside voucher players like Pluxee (NR/BBB+) - which we have screen cheap on.
  • Supply to refi the £400m Sept 24s coming up looks likely; leverage below target & earnings growing HSD. If it does it will be first visit in 2 years.
  • Pressor {NSN SDW3QOTP3SHS <GO>}
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  • Not much info outside of "acquired strategic stake" in Reward, a co that works on card loyalty programmes with banks & analytics for retailer using that.
  • We have little interest in Experian; the €31s at Z+82 trade in line with consumer staples like Carlsberg and well inside voucher players like Pluxee (NR/BBB+) - which we have screen cheap on.
  • Supply to refi the £400m Sept 24s coming up looks likely; leverage below target & earnings growing HSD. If it does it will be first visit in 2 years.
  • Pressor {NSN SDW3QOTP3SHS <GO>}