worked as a co-head of European mergers and acquisitions. Among the deals he has worked on were the sale of Chrysler by Daimler and the purchase of Alliance Boots by Kohlberg Kravis Roberts. Below is the memo from Emilio Saracho, JPMorgan's head of investment banking for Europe, the Middle East and Africa,

Trade Idea: o Walgreen: stable operating and credit outlook. Spreads reflect the weaker credit metrics from the recent debt financed acquisition of Alliance Boots as well as weaker technicals from the additional S7 bn in debt issued. Investment Rationale: 0 Bonds no longer look attractive relative to peers R