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Tapestry (TPR; Baa2, BBB+; double Neg) {TPR US Equity} {CPRI US Equity}

CONSUMER CYCLICALS
  • We'd also flag the 31s screen cheaper vs. the 27s on both deal closing (screens cheaper in secondary) & deal failing (lower cash price now & slightly higher coupon/carry as projection).
  • Moves yesterday were focused on 31s (+20 vs. +12) - some signs of that reversing today (+6 vs. +10)

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