EU CONSUMER CYCLICALS: Flutter | Closes on Snai
Apr-30 14:28
(Secured 29s; Ba1/BBB- Pos/BBB)
Which market it goes to for refi remains uncertain but US earnings growth has led it to dual list, move headquarters and change reporting currency to USD.
- It was a €2.3b acquisition paid to Playtech. Snai was an Italian gaming co holding a 10% online market share in country - Flutter's moves to 30% pro-forma.
- It is funded by €2.5b bridge facility maturing in April '26 and costing it Euribor +125 (~3.45%) for now. 29s trade at 3.6% to 2027.
- Reiterates commitment to leverage ratio of 2.0-2.5x (reports ex. leases/+0.2x) but as we've noted before, we question how seriously it takes this. It chose to ignore the acquisition to 'allow itself' to begin buybacks late last year ($121m done, guiding to $1b this year).
- EBITDA is guided to grow +34%y/y, which will may give it leeway at the raters for now. 1Q results come 7 May.
https://tinyurl.com/4sjjppz8
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STIR FUTURES: BLOCK: Sep'26 SOFR 1Y Bundle
Mar-31 14:19
- 5,000 SFRU'26 1Y bundle (SFRU6-SFRM7) +0.020 at 1012:14ET, second likely swap-tied buy with spreads running tighter
US TSY OPTIONS: Jun'25 10Y Call Sale
Mar-31 14:10
- -10,000 TYM5 112 calls, 57 ref 111-14
- Additional recent trade includes:
- 1,600 FVK5 108.5/109 call spds
- 4,500 TYM5 109/110 put spds ref 111-16.5
- 1,150 FVM5 108.5/111 1x3 call spds, 19.5 ref 108-13.25
US TSY OPTIONS: BLOCK: May'25/Jun'25 10Y Ratio Call Spread
Mar-31 13:56
Ratio call calendar spread crossed at 0944:24ET:
- -8,000 TYK5 111.5 calls, 53 vs.
- +12,500 TYM5 114 calls, 25 vs.
- 1,600 TYM5 111-19
