CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Coty (Secured; Ba2 Pos, BB+ Pos, BBB- Stable)

CONSUMER CYCLICALS
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  • Reminder we have a screen cheap on the Coty 28s - view unaffected on this deal.
  • Mids at 104.4 currently pricing worst to sept '27 par call at 4.35%/Z+127.
  • Earliest, Sept '25 €102.875 call prices it at 4.45%/Z+91 - to worst is here on another +0.3pt move in cash px.
  • FV to follow on new 3NC2, but IPT looks well wide. the 28s will likely cause our FV to be floored there.
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  • Reminder we have a screen cheap on the Coty 28s - view unaffected on this deal.
  • Mids at 104.4 currently pricing worst to sept '27 par call at 4.35%/Z+127.
  • Earliest, Sept '25 €102.875 call prices it at 4.45%/Z+91 - to worst is here on another +0.3pt move in cash px.
  • FV to follow on new 3NC2, but IPT looks well wide. the 28s will likely cause our FV to be floored there.