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Free AccessWalgreens Boots (WBA; B1, BB Neg) Asset sales continue
It's selling 2% of its current 12% stake in Cencora {COR US Equity} for $1.1b. Proceeds primarily for debt paydown (as you would hope). It had a circa 15% stake late last year and has been slowly selling it down for debt reduction.
- As rates have pointed out co has assets to help it raise cash and tackle the ~$6b due over next 2 years. The other one that has been rumoured (& signalled by co) VillageMD stake - more uncertain how much it will get for that one given it has had large impairments this year on poor performance.
- Like Auchan it doesn't change the core issues in US retail pharmacy business but unlike Auchan it still has profit making retail divisions - Boots UK - who is contributing 25% to the bottom line YTD. Perhaps the most stark difference between Auchan and Walgreens is the former is buying loss-making stores, latter closing them down.
- We flagged late last week we were starting To see value on €26s that were trading dislocated to ratings, $curve and CDS; it has moved +2pts this week. Yet to see it stream prices this morning, but no firm view here/looks fair.
- Asides; S&P saw recovery rate at 50-70% or "meaningful" and you will have ~2+ months of carry to FY results in early October.
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.