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Honeywell (A2/A): Underperformer

CAPITAL GOODS

• HON 3.75 05/32 screens as on of the biggest movers in IG corps today at +12 G Spread.

• It’s unusual to see mid A rated paper up there in such market moves.

• €500mn deal from 05/23 so general supply overhang seems unlikely, it’s always possible a significant seller has moved positioning.

• 21bp wider in 2 sessions, bonds are now wider YTD.

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