February 13, 2025 14:45 GMT
CONSUMER STAPLES: Barry Callebaut; guidance
CONSUMER STAPLES
(BARY 29s; Baa3/BBB-; Stable)
- It's performing in secondary, 3Y was a value view, first in consumer/transport primary this year.
- Not sure why the €29s continue rallying - screens value to roll into the new issues.
- Please stay alert to updates on Cocoa and spot prices - it is in the driver seat.
- Front futures; {QC1 Comdty}
- Dec '25 futures; {QCZ5 Comdty}
- €900m 3Y priced +150 with 30bp NIC, -23 in secondary
- €850m 6.5Y priced +200 with 25bp NIC, -20 in secondary
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