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

CONSUMER CYCLICALS
  • We flagged 31s were screening cheap this morning even on a forced call. There has been reported buying since that's held it +4bps wider (outperforming €IG) while 27s are +12bps.
  • Today's spread-sell is helping move cash prices another 50c lower to a now equal €102.4 on both - for now the 31s still screen better value on marginally higher carry & wider screen in secondary on normal workout/deal closing.
  • To reiterate early redemption could still leave net loss for bond holders given cash prices - we see breakeven at late July for both now. Rates sell-offs (like this afternoon) are positive for those eyeing entry (lowers cash prices) & vice versa.
  • Capri equities are marginally lower this morning - i.e. still more risk of deal not closing being priced in.
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