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HY Airlines

TRANSPORTATION
  • Air-France continuing to move wider; 28s -0.3pts/+13bps and now at Z+213/B+260 (4Y risk). As we said the timing is not right but levels are getting hard to ignore; we will need to circle back on it.
  • Finnair29s getting pushed out with it now at Z+242/B+288. We see value on carry but note RV value is limited as long as AFFP is weak. Govvie ownership, CoC protection at par (mids €99.2).

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