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Sani/Ikos Group (SNIIK; Secured Caa2/NR/B-) Priced

CONSUMER CYCLICALS

€350m 6NC2 Snr Sec. Priced 7.25 (eqv. MS+455)

  • No net supply as it calls single outstanding €300m 26s which rallied in +8.5pts since Nov last year.
  • We only see 2 CCC issuances this year, the Atalian bond exchange and paper manufacturer Fedrigoni's Snr Unsecured €300m 5NC1 (10% PIKs).

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