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

CONSUMER CYCLICALS
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  • TPR 27/31s are -7/-4bps tighter today - moves are with px holding ~flat at €102.2/€102.9 in recent sessions - today's rates sell-off looks to be moving spreads in - if that dynamic continues current investors may realise spread returns even before a deal outcome
  • Only update on legal front has been judge setting hearing date for September 9th - not far off FTC docs last week for its internal hearing (25th September) which shaped our view that it remained cheap for investors with little to no funding costs.
  • On early sept 101 call, we still see carry giving a 1.7% return on 27s & flat/no return on the 31s - i.e. our view lines are cheap for those with little-to-no funding costs is unchanged.
  • Capri equities trading sideways around pre-deal px - accounting for the EPS slide since, we see it pricing ~70% chance of deal not closing.
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  • TPR 27/31s are -7/-4bps tighter today - moves are with px holding ~flat at €102.2/€102.9 in recent sessions - today's rates sell-off looks to be moving spreads in - if that dynamic continues current investors may realise spread returns even before a deal outcome
  • Only update on legal front has been judge setting hearing date for September 9th - not far off FTC docs last week for its internal hearing (25th September) which shaped our view that it remained cheap for investors with little to no funding costs.
  • On early sept 101 call, we still see carry giving a 1.7% return on 27s & flat/no return on the 31s - i.e. our view lines are cheap for those with little-to-no funding costs is unchanged.
  • Capri equities trading sideways around pre-deal px - accounting for the EPS slide since, we see it pricing ~70% chance of deal not closing.