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Scandinavian Tobacco (STGDC; Baa3/NR) Tender Offer Results

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  • It has announced tender results on the €300m 25s (no net supply other day). Offer was at MS+105 (closed at +137 day previous), take-up has been €186.5m/62%.
  • We haven't had much positive Tobacco news of recent; vaping rates among teens in the US polled at decade lows (a growth segment), Couche-Tard said traditional cigarette market in US was still weak for competitors and leaked policy documents showed the UK government may be eyeing a outdoor smoking ban.
  • New 29s are -28bps after giving a 40bp NIC on a 9.7x covered WNG book. We don't have a firm view on it's levels here (vs. a cheap view at IPT) and instead point to the JAPTOB perps and the front BAT perp.

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  • It has announced tender results on the €300m 25s (no net supply other day). Offer was at MS+105 (closed at +137 day previous), take-up has been €186.5m/62%.
  • We haven't had much positive Tobacco news of recent; vaping rates among teens in the US polled at decade lows (a growth segment), Couche-Tard said traditional cigarette market in US was still weak for competitors and leaked policy documents showed the UK government may be eyeing a outdoor smoking ban.
  • New 29s are -28bps after giving a 40bp NIC on a 9.7x covered WNG book. We don't have a firm view on it's levels here (vs. a cheap view at IPT) and instead point to the JAPTOB perps and the front BAT perp.