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Rentokil (RTOLN; BBB/BBB S) CDS widens

CONSUMER CYCLICALS
  • We are hearing milder moves than +6 in CDS, either way basis (~-22) moved a tad below Main avg. and likely correcting in now.
  • Again not a cash curve we would fight over; pickup into our Pluxee 28s (cheap view) is +17bps and into ISSDC 26s (another cheap view) is +32bps. Cash lines look unch outside the 27s (+2).
  • BBG; Rentokil Initial CDS Widens; Volume Rises; 4 Signals

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