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Pluxee (PLXFP; NR, BBB+; S) {PLX FP Equity}

CONSUMER CYCLICALS
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  • The 28s have been added to PEPP by ECB - note CSPP in full run-off, PEPP in reinvestment through 1H before gradual run-off. 31s left off - both issued late Feb on spin-off.
  • Close comp Edenred (EDENFP; NR, BBB+) already in CESP/PEPP bar the longest 32s & despite that is still the cheaper screen for us - they both trade together & well wide for ratings, Pluxee likely on investor awareness, Edenred on recent regulation trouble that co says is well contained for now.
  • Both curves getting the Tobacco/Gas station treatment for now despite very different industry growth prospects from equity analyst.

Pluxee & Edenred note from earlier; https://marketnews.com/edenred-nr-a-vs-pluxee-nr-b...
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  • The 28s have been added to PEPP by ECB - note CSPP in full run-off, PEPP in reinvestment through 1H before gradual run-off. 31s left off - both issued late Feb on spin-off.
  • Close comp Edenred (EDENFP; NR, BBB+) already in CESP/PEPP bar the longest 32s & despite that is still the cheaper screen for us - they both trade together & well wide for ratings, Pluxee likely on investor awareness, Edenred on recent regulation trouble that co says is well contained for now.
  • Both curves getting the Tobacco/Gas station treatment for now despite very different industry growth prospects from equity analyst.

Pluxee & Edenred note from earlier; https://marketnews.com/edenred-nr-a-vs-pluxee-nr-b...