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Whirlpool (WHR; Baa2/BBB-/BBB Neg) most exposed bonds

CONSUMER CYCLICALS
  • $lines staying stubborn this morning - we are hearing thin liquidity but regardless $29s are a $700m line.
  • €28s look richest vs. pre-Bosch levels (below). Correction from above, ratings for Electrolux are (NR/BBB Neg) - still leaves it higher rated and expectations for the two are heading in opposite directions this year - if that does happen the premium WHR lines have demanded over it may also disappear.
  • WHR earnings Thursday and becoming more interesting now.

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