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Essity (ESSITY; Baa1, BBB+; S) 31s coming out

CONSUMER CYCLICALS

31s are showing mids -0.5pts/+12. It is the lowest cash px line (highest upside on par call) but has been drifting lower for some time now and now is finally above swaps.

Again we are unclear what is going on with the Essity situation...earnings last week (implied) bondholders still have not given formal notice.

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31s are showing mids -0.5pts/+12. It is the lowest cash px line (highest upside on par call) but has been drifting lower for some time now and now is finally above swaps.

Again we are unclear what is going on with the Essity situation...earnings last week (implied) bondholders still have not given formal notice.

Keep reading...Show less