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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CONSUMER CYCLICALS
- Capri equities closed another -2.4% lower yesterday & is flat this morning. At $38 it is not far from pre-takeover announcement price of $35 - but its expected to trade lower on deal failure - 1yr Forward EPS has been on a one-way slide since.
- On bonds we've heard 31s are bid in the street - not much surprise given on deal closing it has 100bps+ of tightening to FV (below).
- On current mids breakeven on 31's is early August (i.e. carry should net out capital loss if deal closes after then) & late June on the 27s. Depending on funding costs that's likely to be further out in practice.
FTC take; https://marketnews.com/tapestry-tpr-baa2-bbb-doubl...
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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