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CONSUMER STAPLES: Walgreen Boots; headlines on VillageMD restructuring continue

CONSUMER STAPLES
USBulletCredit BulletsNorth America

(WBA: B1/BB-; Stable) 

  • WBA making Bloomberg's 'US distress daily'. Fortunately its in reference to the loss maker VillageMD clinics, bankers prescribed to figure out what to do with it, as has been the case for some time now. WBA ploughed $6.2b into it post-Covid to build a 63% stake with hopes it would build out and diversify its bottom line - ones that have since, likely, vanished.
  • €26s have rallied into Z+190, we continue to be cautious till we see Q2 results and would note negative updates for short-end liquidity, namely that ex. the liquidated $300m Cencora stake remaining is tied in prepaid forward contracts (cash already received) and a $988m court verdict against it.
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(WBA: B1/BB-; Stable) 

  • WBA making Bloomberg's 'US distress daily'. Fortunately its in reference to the loss maker VillageMD clinics, bankers prescribed to figure out what to do with it, as has been the case for some time now. WBA ploughed $6.2b into it post-Covid to build a 63% stake with hopes it would build out and diversify its bottom line - ones that have since, likely, vanished.
  • €26s have rallied into Z+190, we continue to be cautious till we see Q2 results and would note negative updates for short-end liquidity, namely that ex. the liquidated $300m Cencora stake remaining is tied in prepaid forward contracts (cash already received) and a $988m court verdict against it.