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

CONSUMER CYCLICALS
  • Capri equities trading through recent court updates (below) - likely the first of many headlines to emerge as proceedings continue.
  • With equities still pricing ~70% chance of failure, we expect bonds to drift towards €101 call price as event risk date approaches & carry safety fades. TPR is guiding to deal closing by end of this year, bond docs have latest by mid Feb next year.
  • Article; {NSN SDFXHDT0AFB4 <GO>}

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