Danone (BNFP; Baa1, BBB+; S) {BN FP Equity}
The parent of dairy, water & nutrition brands including Activia & Alpro is out with benchmark 6Y IPT at +90 vs. FV of +58. Hard to get excited about BNFP secondary; spread pick is 10bps around the 6y into recent upgraded & now equal rated …