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Reckitt (RKLTN; A-/A3) {RKT LN Equity}

CONSUMER STAPLES
  • BI litigation analyst see "up to $3b" in NEC claims costs & up to 3,000 cases to be ultimately filed, analyst noting that figure is likely to be shared between Reckitt and Abbott (ABT; Aa3/AA-) {ABT US Equity}; {NSN SAQI35DWRGG1 <GO>}.
  • Its been a ~flat run since Friday & Monday's sell-off for RKLT € & £ lines with little carryover to high-grade ABT lines. We don't have a firm view on spreads outside the fact drawn-out timing of Federal cases leaves the name unattractive.
  • Equities have stayed down -18%/-6% for both despite support from equity analysts, company has had no slow-down to regular daily buybacks - as it highlighted in call this week - no change to capital allocation.
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