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CAPITAL GOODS: Honeywell (HON A2/A/A): Breakup Reports

CAPITAL GOODS
USBulletCredit BulletsNorth America
  • The WSJ reported that Honeywell is preparing a three-way split that could be announced later today.
  • It’s run along three business lines and was already expected to spin off one of these, Aerospace.
  • Spreads widened at the time on those reports. Ultimately, the capital structure and destination of the bonds will be what matters. We don’t have visibility on that yet, hence the widening on uncertainty. This development clouds the situation further.
  • Bonds are generally close to par, apart from the 32s at 85 handle. We don’t see the docs’ language as protective.
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  • The WSJ reported that Honeywell is preparing a three-way split that could be announced later today.
  • It’s run along three business lines and was already expected to spin off one of these, Aerospace.
  • Spreads widened at the time on those reports. Ultimately, the capital structure and destination of the bonds will be what matters. We don’t have visibility on that yet, hence the widening on uncertainty. This development clouds the situation further.
  • Bonds are generally close to par, apart from the 32s at 85 handle. We don’t see the docs’ language as protective.