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Tereos (Snr Unsec; NR/BB- Pos/BB) Priced

CONSUMER CYCLICALS
  • €300m 5.8NC2 (referred to as "long 5NC2") 5.875% (eqv. Z+293) vs. price talk 6%a (+/-12.5).
  • No net supply here with it indicating paying down before or on the par call in October the €425m Oct 25's. Cash px dived -0.4pt on the 25s (its a 7.5% line) and similar moves further out on 27/28s that had to digest the supply.

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