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Japan Tobacco (JAPTOB; Snr Unsec; A2, A+) {2914 JT Equity}

CONSUMER STAPLES
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  • CEO was on Financial Times confirming that it will keep Russian business which he says is 20% of of current profits. Remarks indicate its structured business to comply with western sanctions.
  • JAPTOB has a 37% market share in country, PM a 32% share.
  • Names without Russian exposure are BAT (announced exit Russian & Belarus business in March '22), Imperial (announced exit in April '22) & Altria (pure-US).
  • ESG hasn't stopped new issued JAPTOB coming in 13bps (full NIC traded away) while BAT 32s got the cold shoulder - +8bps wide since & on top of a 20bp NIC at the time.
  • Our views are unch; BAT screens cheapest in BBB Tobacco & there seems to be ESG clean rotation from PM/JAPTOB into voucher retailers Edenred & Pluxee withotu spread giveup.
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  • CEO was on Financial Times confirming that it will keep Russian business which he says is 20% of of current profits. Remarks indicate its structured business to comply with western sanctions.
  • JAPTOB has a 37% market share in country, PM a 32% share.
  • Names without Russian exposure are BAT (announced exit Russian & Belarus business in March '22), Imperial (announced exit in April '22) & Altria (pure-US).
  • ESG hasn't stopped new issued JAPTOB coming in 13bps (full NIC traded away) while BAT 32s got the cold shoulder - +8bps wide since & on top of a 20bp NIC at the time.
  • Our views are unch; BAT screens cheapest in BBB Tobacco & there seems to be ESG clean rotation from PM/JAPTOB into voucher retailers Edenred & Pluxee withotu spread giveup.