Flutter Entertainment (FLTR Snr Secured; Ba1/BBB- Pos/BBB)

• Equities under some pressure after a tax on online betting passed in Illinois senate Saturday.
• Not a name we have covered but the single 29s have done well in secondary; priced at 5% last month, now 4.55%. The $ line priced at 6.375% with it & is now 6.2%; they trade flat on XCCY spreads.
• Numbers below from analyst are not large enough to be of concern for credit, but follow through regulation from other states could drag headline enough. Note US growth is main driver for co's (required for ratings) deleveraging.
• We saw no concern in 1Q results from earlier this month - earnings growing helping leverage in the right direction & unch FY guidance that included tripling in US EBITDA & MSD ex. US growth.
• €29s currently working out to 1yr par call in '28. On names around it; Coty priced its '27 at 4.5% & Dufry 28s (€96.6) pricing to maturity gives up 15bps. No firm view from us her noting the ESG clean screen cheeps we have around it.

Equity analyst takes on weekend ruling; {NSN SE6Y7RT0AFB4 <GO>}