April 16, 2024 12:11 GMT
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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