European Morning Credit: Today in European Credit

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European Morning Credit: Today in European Credit

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European Morning Credit

Today in European Credit

Strategy 06 July 2026

Follow The Flow: Over the past week, inflows accelerated notably into high-grade and Credit

high-yield funds. The inflow is primarily concentrated into the front-end and the belly of Europe

the credit curve. See: Credit to bonds (IA) European Credit Rsch Grp

BofASE (France)

Retail See Team Page for List of Analysts

European Retail: Please join BofA Credit Research team for a fireside chat to deep dive

into UK Retail sector Equal Pay risk. We will discuss the impacts and implications for

Asda, Morrisons, Tesco and other UK retailers. The call will take place today, Monday 6th

July at 2pm BST, 3pm CET. Please contact your BofA sales representative for more Exhibit 1: Just published

details. (MX / CF) Recent publications from European Credit

Research

Beverages

Follow The Flow

Carlsberg (CARLB): The company has entered into an agreement with Sapporo Credit to bonds

Breweries to form a strategic joint venture across Southeast Asia and Hong Kong and Ioannis Angelakis

partnership in the UK. The JV will include Carlsberg’s existing operations (in Malaysia,

Hong Kong and Singapore) and in Laos, Vietnam and Cambodia. CARLB will have Source: BofA Global Research

perpetual exclusive rights to produce and distribute Sapporo Premium Beer across these BofA GLOBAL RESEARCH

markets.

Carlsberg will hold a 75% stake in the JV and retain full operational control in the

markets. Carlsberg will receive a cash consideration of USD 643mn from Sapporo (which

will hold a 25% stake in the JV). The price represents a reported 2025 EBIT multiple of

21.3x. CARLB intends to use the cash consideration to repay debt and for GCP. We note