October 03, 2024 15:41 GMT
CONSUMER CYCLICALS: Tapestry (Baa2/BBB; double Neg) on hold for a ruling now
CONSUMER CYCLICALS
Closing arguments were on Monday and it is now wait and see for the Judge to rule on the preliminary injunction hearing. A win for TPR/CPRI should allow most of the 101 call risk to be priced out (FTC can/may appeal).
Pricing of beating the FTC;
- Capri equities; 62%
- €27s; 70%
- €31s; 47%
($ FV's based on the legacy issued/unaffected bond levels)
- $28s 61%
- $30s 65%
- $33s 56%
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