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

CONSUMER CYCLICALS

€500m 3NC2 Revised talk; 4.5-4.625% (eqv. Z+140-152.5) vs. FV 4.3% (Z+120)


  • Strong move in from IPT that was 5% to low 5s.
  • We keep the screen cheap on this deal despite what looks like a 20bp NIC now.
  • As we said we had/have a screen cheap on the 28s but early call on it (as soon as '25) may/is likely to cut carry/duration short. This line offers extension on that at flat yields/carry.

FV
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