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CONSUMER STAPLES: Walgreen Boots; £/€ short-end continues trading

CONSUMER STAPLES

(WBA: BB- Stable/B1 Stable) 

  • €26s finding some support +0.4pts/-30bps after hitting Z+250/4.9% yesterday.
  • We can sympathise with the attraction but we still stay shy of a firm view till Q2 results. Note some may still be eyeing 101 CoC upside even if initial PE bidder has (reportedly) walked away - stock remains in the gutter.
  • Surprisingly £25s continue trading and widening on the selling - BVAL offer at 98.2/5.9%/Z+170.
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(WBA: BB- Stable/B1 Stable) 

  • €26s finding some support +0.4pts/-30bps after hitting Z+250/4.9% yesterday.
  • We can sympathise with the attraction but we still stay shy of a firm view till Q2 results. Note some may still be eyeing 101 CoC upside even if initial PE bidder has (reportedly) walked away - stock remains in the gutter.
  • Surprisingly £25s continue trading and widening on the selling - BVAL offer at 98.2/5.9%/Z+170.