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JAB Group (JABHOL; Baa1, BBB+;S) 10Y Deal

CONSUMER CYCLICALS

History may be on the side of NIC being traded away

  • In 2023; 33's came +25 wide of 32s (for 1yr term extension) before tightening 15bps in secondary against 32s.
  • * In 2022; 32's came in ~20bps against the 31's in secondary

Both did compress during a broader spread rally. Term premium on this deal if final comes at +160 will be a milder 17bps but term extension is shorter 10 months.

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