Tullett Prebon/ICAP merger

Does anybody have any thoughts on the impact of this merger on Tulletts retail bonds? The yield on the June 2019 issue appears to have backed up at least 40bp on the news and the quoted bid-offer spread has widened as well. I would have thought, if anything, the larger business would have a slightly improved credit rating. Maybe it's just the uncertainty - coupled with a tax-driven effect caused by the upcoming dividend?


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