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Picard Groupe (PICSUR; Snr Sec; B3/B/ (now BB-)) Price Talk

CONSUMER CYCLICALS

Books close 3pm London, upsizing from min. €500m was expected (net neg. supply still as it redeems €1.4b across floating/fixed 26s). 5NC2 at 6.5%a vs. Ceconomy at 6.25%a (books close soon, see above). It's balancing act between margins (EBITDA 17% vs. Ceconomy's 3.6%), scale (€1.8 vs. €22b), BS (gross 6.3x vs. 2.7x) and earnings clarity (private vs. public with analyst coverage). No firm views on either from us.

  • min. €650m 5NC2 Fixed, 6.5a vs. IPT high 6%s vs. whisper high 6-7%
  • min. €570m 5NC1 FRN, E+375 (+/-12.5) vs. IPT low E+400s vs. whisper low E+400s

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