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WPP The Best Performing €IG Corps Equity Yesterday On Amazon Account Win

COMMUNICATIONS

Baa2/BBB EUR Spreads In Line

  • WPP equity was the best performing €IG corp name yesterday.
  • Moves come after Adweek reported that WPP secured Amazon’s media account for EMEA and APAC regions (with Omnicom taking EMEA/APAC) after IPG lost the account, a key win after a six-month review, with USD 2.5bn in total billings (FY23 net new billings was USD 4.5bn for context).
  • WPP now set to benefit from Amazon’s ad segment growth + 24% YoY growth in Q1, positioning itself to capture significant spend and further vilifying it’s digital investments.
  • EUR spreads were broadly in line with market yesterday.

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