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Haleon (HLNLN; Baa1 Pos/BBB+) Secondary (split from GSK in '22)

CONSUMER STAPLES

€4Y priced -2bps through yet secondary is very weak (+7-8bps) and adding to a 5bp move from Monday on mandate announcement. It's giving +13bps for 1.5yr extension and into a low cash px (€93).

£28/38s were +3-5bps today and adding to a +4-8bp move from this week. Reckitt lines look mute (€ unch to +3, £ unch to +2) - we take that as longs are happy to sit through more NEC headlines.

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€4Y priced -2bps through yet secondary is very weak (+7-8bps) and adding to a 5bp move from Monday on mandate announcement. It's giving +13bps for 1.5yr extension and into a low cash px (€93).

£28/38s were +3-5bps today and adding to a +4-8bp move from this week. Reckitt lines look mute (€ unch to +3, £ unch to +2) - we take that as longs are happy to sit through more NEC headlines.