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CONSUMER STAPLES: Sudzucker; 7Y FV (x3)

CONSUMER STAPLES

(SZUGR; Baa2 Neg/BBB Neg)

Please keep in mind in that first graph above. The retail 25s will "roll down" whereas the IG index is rebalance to stay (~5yr). I.e. the spread over IG index is useful for 2019-2021 period not for after that (look at raw 25s Z-spread line after that).
The point there is to show the (brief) pressure it faced on sugar price/earnings falls in 2019 alongside rating's moving to the edge of IG. At the time it was ~6y.

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(SZUGR; Baa2 Neg/BBB Neg)

Please keep in mind in that first graph above. The retail 25s will "roll down" whereas the IG index is rebalance to stay (~5yr). I.e. the spread over IG index is useful for 2019-2021 period not for after that (look at raw 25s Z-spread line after that).
The point there is to show the (brief) pressure it faced on sugar price/earnings falls in 2019 alongside rating's moving to the edge of IG. At the time it was ~6y.