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Picard Groupe {PICSUR; Snr Sec; B3/B/B+; S) 26/7s 1pt richer, driver unclear

CONSUMER STAPLES
  • Secured 26s +1.1pt, Unsecured 27s (Caa1/CCC+) +1pt
  • Not under coverage & we don't see news. Neither looks cheap, unclear if early call expected/issuance news. Both trade 1-2pts below par.

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