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Maersk (MAERSK; Baa1/BBB+; S) Analyst takes on equities

TRANSPORTATION

Analyst playing it down as expected, not what we see in consensus figures. Share px vs. container rates below, again we'd caution read-through for longer duration lines. New 32s are unch, 36s have come in 10bps, flat to equal rated Sydney airport which screens more attractive to us. Pickup into BBB airports is sizeable as flagged previously noting Frankfurt (unrated) has a mandate out.


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