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PostNL (PNLA; NR/ BBB Neg) Broker Upgrade/Equities bid

CONSUMER STAPLES

PNL NA Equity +9%



  • Equity px action being attributed to below upgrade from ING analyst, nothing new to note from the headline takes, unclear how much of IDS's takeover bid is having carry over sentiment.
  • New 31s are 17bps in from pricing after giving a 35bp NIC to our +40bp higher worst case/on technical FV. Cheap view at guidance, and was valid in secondary (we said>= Z+190/B+223). Shorter duration ISDLN28s at Z+160/B+200 is the preferred cheap view.

https://blinks.bloomberg.com/news/stories/SEUT66T0...

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