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CONSUMER STAPLES: Barry Callebaut; final thoughts

CONSUMER STAPLES
Credit BulletsCEEMEAHomepagemarkets-real-timeBulletSwitzerland

(BARY 29s; Baa3/BBB-; Stable)

  • The pricing is tad lacklustre for how wide it came and makes the €29 look well tight. Yet there was reported buying today.
    • We've mentioned this before but we think credit under-prices steps - see IDSLN28s or STGDC29s performance of recent (neither being driven by fundamentals - all RV - both former value views). Or for a more extreme example the Mobico £28s - faced a double notch junking but were caught so off-guard on a 1.25% step that bonds moved +2pts through it.
  • We are not sure why it decided to do only CHF300m at home and then do the bulk here - perhaps it sees markets there full after CHF1.6b in the last year - still it likely (would) have got better levels.
  • Spreads in CHF have widened to match us since, taking the new 6Y +30bps in under a month. 5yr rates there are at 0.25% (vs. 2.3% here), reporting currency is CHF.

Full notes from today pdf'd;

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(BARY 29s; Baa3/BBB-; Stable)

  • The pricing is tad lacklustre for how wide it came and makes the €29 look well tight. Yet there was reported buying today.
    • We've mentioned this before but we think credit under-prices steps - see IDSLN28s or STGDC29s performance of recent (neither being driven by fundamentals - all RV - both former value views). Or for a more extreme example the Mobico £28s - faced a double notch junking but were caught so off-guard on a 1.25% step that bonds moved +2pts through it.
  • We are not sure why it decided to do only CHF300m at home and then do the bulk here - perhaps it sees markets there full after CHF1.6b in the last year - still it likely (would) have got better levels.
  • Spreads in CHF have widened to match us since, taking the new 6Y +30bps in under a month. 5yr rates there are at 0.25% (vs. 2.3% here), reporting currency is CHF.

Full notes from today pdf'd;

Keep reading...Show less