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PostNL (PNLA; NR/ BBB Neg) Clears Belgium prosecutors

TRANSPORTATION

Cheap view taken off on new €31s (-23 in).

  • When it came to price it's 31s earlier this month there were a couple of risks we flagged, one of which was headlines that it may face a €24.4m fine or dealings with subcontractors. It was not a major one but still a positive it's cleared that now (see here).
  • We had a cheap view on the deal, its -23bps in since. We take it off here mainly on 1) we have cheap view on IDSLN28s (NR/BBB; price to BBB-) that gives away only 30bps for 3y shorter duration now and 2) we would rather revisit after Q2 earnings in early August given recent poor performance.
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