date:Aug 04, 2014
ta Materials' June issue of a 10-year at 170bp that is at 165bp. So even with a bias on protein, Treasuries plus 160bp seems very cheap.
The fives/10s credit curve is thought to be around 35bp-40bp for the consumer cyclical sector and some bankers think Tyson would need to pay about 25bp-37.5bp more than its 10-year for a 30-year tranche, depending on its size.
With all its filings in place, Tyson can sit and wait for the right market environment to issue. Expectations are that the acquisition