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Kering (NR, A- Stable) cash moves

CONSUMER CYCLICALS
  • € lines +3-5 wider this morning, pricing in a downgrade.
  • As mentioned yesterday cheapest equal rated switch we see is employee benefits/voucher operator Edenred.
  • Outside of that one-notch lower McDonad's & Beverage names still give spread pick-up on 30s & 35s - we expect that will be priced out today.

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