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MKS Debt Failing To Follow Equity South

CONSUMER STAPLES SECTOR
Food retail: two of the biggest fallers on UKX today are Sainsbury (SBRY LN) and M&S (MKS LN) though Tesco (TSCO LN) faring significantly better.


  1. This bifurcation could well be due to SBRY's robust food results this morning (TSCO being the UK's no.1 food retailer) allied to concerns about non-food at SBRY, especially clothing which is still around half of MKS revenues.
  2. In credit terms, TSCO traded debt (OAS basis) is barely in the last day (nothing's moved more than 10bp in the last month, actually, SBRY has no meaningful debt trading... MKS's most liquid line (EJ471865 Corp, rated: Ba1[P]/BBB-[S]/WD) is also unmoved in the face of this equity move.
  3. TSCO and MKS both report sales figure tmrw (11-Jan), pre-mkt.
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