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Tesco (TSCOLN; Baa3/BBB- Pos/BBB-) S&P moves to positive outlook

CONSUMER STAPLES

We have in the past liked the €31s (or 29/31s flatteners) latter after 29s got bid on on reported EoD hopes (which we didn't see). The steepness has been faded, we don't have any firm views on the curve here noting French food is heavy with earnings this week and may bring opportunities with it (in Auchan's case).

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