EU BASIC INDUSTRIES: Avery Dennison: 3Q25 Results
Oct-22 13:10
(AVY; Baa2/BBB/NR)
Credit neutral. Nothing surprising here albeit cautious tone on the outlook.
- Revenue in line with BBG consensus, at flat organic growth. Solutions continues to provide growth, which was offset by Materials.
- Adj. EBITDA beat by 3% on 16.5% margin, a 10bp YoY increase.
- Reported FCF improved to $270m from $220m YoY. We don’t have the quarterly cash flows currently; likely NWC related given capex and EBITDA were stable.
- Reported net leverage steady QoQ at 2.2x.
- 4Q EPS guidance midpoint 3% below consensus. Tariff impact for customers is limiting visibility, particularly in retail and apparel. Non-durable and apparel makes up the bulk of sales.
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US TSYS: Tsys Draws Selling on Fed Bostic Comments
Sep-22 13:10
- Treasury futures dipped briefly, rebound after comments from Fed Bostic: sees little reason for additional rate cuts "for now", labor market "not in crisis.
- Currently, the Dec'25 10Y trades +4 at 112-28 (yld 4.1216% -.0058) vs. 112-28.5 low - technical resistance well above at 113-29 (High Sep 11 and the bull trigger); Support at 112-22/112-15+ (Low Sep 19 / High Aug 5 and 14).
- Curves mixed: 2s10s -.186 at 55.192, 5s30s +2.173 at 108.512.
- US$ index near lows, Bbg's BBDXY -1.91 at 1196.59.
US TSYS: /STIR: Bank of America Recommend Paying Apr Fed OIS & 2s10s Flatteners
Sep-22 13:09
Bank of America issued two new trade recommendations late last week, based on their view of a more cautious Fed, namely paying April FOMC-dated OIS and initiating 2s10s flatteners.
- For the former, they note that the April FOMC is priced “below the end '26 median Fed dot, which seems overdone with Powell at helm”.
- On the latter, they also factor in their Fed view, as well as positive carry.
EGB SYNDICATION: DDA: 30-year 3.50% Jan-56 DSL: Prelim initial spread guidance
Sep-22 13:07
- The DSTA has announced that the preliminary initial spread guidance for the new 30-year 3.50% Jan-56 DSL (ISIN: NL0015002P70) which is to launch via DDA tomorrow will be the 2.90% Aug-54 Bund + 18.5 to 22.5bps.
- E4.0-5.0bln will be on offer (we assume takeup at the top of the target range).
- Books are due to open "no later than" 9:00BST / 10:00CET tomorrow.
