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French corps weaker

CONSUMER CYCLICALS
  • OATs and French bank spreads are flat today but French corps are having their turn; Sodexo, Carrefour and continuing weakness in govvie owned La Poste - all three up to 3bps wider on some lines.
  • Not much sympathy from us - all trade tight vs. comps. Spread pick-up on switches from Sodexo to spun-off Pluxee or Edenred (both still French), from Carrefour into Tesco/Woolworths and from La Poste into IDS 28s or new PostNL 31. All cheap views.

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