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Tereos (Snr Unsec; NR/BB- Pos/BB) Mandate & S&P outlook upgrade(Private co)

CONSUMER CYCLICALS

€300m 5.8NC2 (being referred to as "Long 5NC2"...) Mandate Out

  • No net supply here - its paying down some of the 7.5% €425m 25 notes. Hasn't stopped the 27/28s moving +.25-0.3pts wider. All traded debt is equal rated/senior unsecured.
  • S&P has followed with a outlook upgrade to positive, FV to follow.

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