June 03, 2024 07:42 GMT
Phillip Morris (PM; A2/A-/A neg)
CONSUMER STAPLES
IPT: PHILIP MORRIS INTERNATIONAL €BENCHMARK LONG 6Y MS+135 AREA
We had a screen cheap on the new BAT32s - it is to date one of our (& only in primary) worst performing screens (+10bps despite coming with 20bp NIC). PM Is high-grade & has strongest non-combustibles exposure, keen to see how it does here.
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