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Tesco (TSCOLN; Baa3/BBB- Pos/BBB-) & WOWAU CMA looks to be clearing UK grocers

CONSUMER STAPLES
  • UK competitions regulator finding no "widespread evidence" of UK grocers misleading customers on loyalty promotional prices. Its preliminary finding, final report will be published in November.
  • Investigations on various issues by the CMA is nearly a biennial occurrence for Tesco but globally has become more under focus and politically popular after sharp food price inflation.
  • We flagged this in Aus. with the WOWAU28s as well - it will likely face some real operational repercussions. Insulating that it's coming off record margins and runs the highest among € issuers.
  • Interim report from ACCC (Aussie competition regulator) expected at the end of August, we see no need for 28s to panic (even after a -10bp move in).

Presser here.

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