May 28, 2024 10:58 GMT
Coty (Secured; Ba2 Pos, BB+ Pos, BBB- Stable)
CONSUMER CYCLICALS
New 3NC2 moves through our FV on yield as well, solid performance in secondary here from the rising star candidate.
Yield: Priced 4.5%, FV 4.3%, mids 4.26%
Spread: Priced Z+140, FV +120, mids +97
Pricing to 2.5y par call now, mids still impressive 4.3%/Z+110 to maturity
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