January 28, 2025 13:47 GMT
CONSUMER STAPLES: Metro AG; S&P moves to negative outlook (x2)
CONSUMER STAPLES
- €29s +10bps and still looks to be pricing a ~20bp retail premium here.
- Rotate into WOWAU 28s with little spread give-up (facing near-term negative catalyst but otherwise firm name trading on a Aussie discount)
- or ITM 29s for pick-up (no firm view, biased to tighten on no news).
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