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Tapestry (TPR; Baa2, BBB+; double Neg)

CONSUMER CYCLICALS

Capri equities are falling in pre-market on above headlines, down -5%. Cash lines should move cheaper in px on this, though Euro moves may be limited given breakevens around July already.


  • NYT times are quoting "2 people with knowledge of the matter", 5 FTC commissioners expected to meet this week to discuss (this has been reported already), and a vote likely to follow (reports were this month).
  • As mentioned before more of a timing question if deal does get pulled when bonds will get called - we saw total return/loss breakevens around July for € lines - cash prices tad higher today at €102.4/7 for 27/29s, $ lines more exposed trading up to €104.3.

{US} TAPESTRY: *FTC PREPARING TO BLOCK TAPESTRY’S TAKEOVER OF CAPRI: NYT
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