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

CONSUMER CYCLICALS
  • Has priced its 5NC2 fixed +0.125% north of Ceconomy's unsecured that was 2/1 (S&P/Fitch) notches higher.
  • Impressive moves in from IPT (vs. Ceconomy that stayed flat).
  • Ceconomy coming now was a tad confusing for us (see Burberry, PostNL for other examples). It choose to tender the 26s leaving no net supply. One to watch for any signs of a recovery (earnings August).

  • €650m 5NC2 Fixed, 6.375% (eqv. MS+350) vs. Talk 6.5%a vs. IPT high 6%s vs. whisper high 6-7%
  • €570m 5NC1 FRN, 3mE+362.5 vs. Talk E+375 (+/-12.5) vs. IPT low E+400s vs. whisper low E+400s

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