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

CONSUMER CYCLICALS

€500m 3NC2 4.5% (eqv. Z+140) vs. FV 4.3% (Z+120), 20bp NIC

  • Impressive moves in from IPT (-50bps+) & guidance (-25bps).
  • We had a screen cheap on this deal and did flag, despite the impressive tightening into revised talk, that was valid on final coming at 4.5%.
  • Screen cheap on the 28s still valid but early call on it (could be as soon as '25) is a distinct possibility - for those happy with Coty risk at mid 4s yield/above spreads (we see it is attractive here) then new 3NC2 should be preferred for the longer duration.

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€500m 3NC2 4.5% (eqv. Z+140) vs. FV 4.3% (Z+120), 20bp NIC

  • Impressive moves in from IPT (-50bps+) & guidance (-25bps).
  • We had a screen cheap on this deal and did flag, despite the impressive tightening into revised talk, that was valid on final coming at 4.5%.
  • Screen cheap on the 28s still valid but early call on it (could be as soon as '25) is a distinct possibility - for those happy with Coty risk at mid 4s yield/above spreads (we see it is attractive here) then new 3NC2 should be preferred for the longer duration.