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Coty (Secured; Ba2 Pos, BB+ Pos, BBB- Stable) New 3NC2's

CONSUMER CYCLICALS

Coty, the gift that keeps on giving. 3NC2 holding 1pt higher within 2 weeks of pricing. We don't have a screen cheap on it anymore, carry is still there for those that want it, 28s (early call likely) still a screen cheap for us, mids at €104.2/YTW 4.4%.

Yield: Priced 4.5%, FV 4.3% vs. YTM 4.2% (-30) & YTW 4.12% (-38)

Spread: Priced Z+140, FV +120 vs. STM +95 (-45)

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