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BEL €300m 5y Sr Unsec. (unrated) IPT MS+225 AREA (FV floor now +160)

CONSUMER CYCLICALS

BEL starts to look less attractive vs. some distressed IG (VF) & HY (broader) comp's - some of which have the benefit of having negative basis on CDS (Elo/Auchan 5yr) & some which are on the rise (Avolta/Dufry, Coty). Floor on FV is now +160 for us on Avolta/Dufry's {AVOL SW Equity} (Ba2, BB+;S) 5yr curve.


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BEL starts to look less attractive vs. some distressed IG (VF) & HY (broader) comp's - some of which have the benefit of having negative basis on CDS (Elo/Auchan 5yr) & some which are on the rise (Avolta/Dufry, Coty). Floor on FV is now +160 for us on Avolta/Dufry's {AVOL SW Equity} (Ba2, BB+;S) 5yr curve.


Keep reading...Show less