The AA - taking a position

All,

Please find our initiation on AA here.

If possible ahead of next week’s results, we are taking a 2% long position in the Class B bonds. 

The fall-out of even an adverse decision by the FCA should be far more limited than the market has come to fear and in the interim we see the reporting as a potential marketing event for AA. 

Any further stake building will wait until after the results and possibly after we have more clarity and potentially trading impact from any FCA action.

Tomas is your Analyst.

Wolfgang