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JAB Group (JABHOL; Baa1, BBB+;S) Investment Strategy Change

CONSUMER CYCLICALS
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  • JAB pressor that FT mentioned ahead of the release below.
  • It hasn't quantified this new focus on insurance outside of broad phrases; "significantly diversifying" into insurance & re. existing ~8% in pet-insurance this was the "first step" into insurance more broadly.
  • Cash lines including new 34s are unch today - seems investors not worried - we don't have a firm view on the name - credit risk dependent on mgmt financial policies - which have historically been stable/well disciplined.
  • Spread pick up to JAB varies from ~20bp in 2-5yr to 40+ in 10Y.

https://www.jabholco.com/documents/6/JABDiversifie...

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  • JAB pressor that FT mentioned ahead of the release below.
  • It hasn't quantified this new focus on insurance outside of broad phrases; "significantly diversifying" into insurance & re. existing ~8% in pet-insurance this was the "first step" into insurance more broadly.
  • Cash lines including new 34s are unch today - seems investors not worried - we don't have a firm view on the name - credit risk dependent on mgmt financial policies - which have historically been stable/well disciplined.
  • Spread pick up to JAB varies from ~20bp in 2-5yr to 40+ in 10Y.

https://www.jabholco.com/documents/6/JABDiversifie...