Weekly Relative Value Update: Consumer Products

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Weekly Relative Value Update

Consumer Products – 7/31/26

Industry Overview

31 July 2026

Company and Industry News

High Yield Credit

United States

Retail and Apparel

Newell (NWL): Good news, 2Q did well; maintain Overweight

Scotts (SMG): Commodities won’t cause SMG to wilt; maintain Marketweight

ACCO Brands (ACCO) 2Q26 EBITDA in-line with our estimate

Central Garden (CENT) to acquire Trixie

ICE BofA Global Index Data

Exhibit 1: ICE BofA Global Index Data, as of 7/30/26

The US HY Consumer Products index trades at 7.8%, 50 basis points wide of the US HY Master II index.

Current

Index

US High Yield Master II

US High Yield BB

US High Yield B

US High Yield CCC

US HY Consumer Products

YTW

7.3%

6.3%

7.4%

14.4%

7.8%

OAS

284

174

299

1,006

335

One Year Ago

Rtg

BB3

BB2

B2

CCC1

B1

YTW

7.1%

5.9%

7.2%

12.4%

7.3%

OAS

289

171

298

839

314

Rtg

B1

BB2

B2

CCC2

B1

Total Return

1-WK

0.1%

0.3%

0.0%

0.8%

MTD

-0.3%

0.0%

-0.8%

-1.1%

QTD

-0.3%

0.0%

-0.8%

-1.1%

YTD

1.6%

1.5%

2.4%

-0.6%

0.0%

Source: ICE Data Indices, LLC; data excludes floating rate notes, defaulted notes and non-rate notes

BofA GLOBAL RESEARCH

Ratings

Exhibit 2: BofA High Yield Ratings

BofA ratings on High Yield Food and Beverage issuers’ bonds

Underweight

Central Garden & Pet

5.125%, 4.125%,

4.125% Sr Notes

Energizer

TL-B, 6.5%, 4.75%,

4.375% Sr Notes

Somnigroup International

TL-B, 4.0%, 3.875% Sr Notes

Whirlpool

4.75%, 6.125%, 2.4%, 3.7%

5.5%, 6.5%, 5.75%, 5.15%

4.5%, 4.6% Sr Notes

ACCO Brands

4.25% Sr Notes

Coty

4.75%, 6.625% Sr Notes

Edgewell Personal Care

5.5%, 4.125%

Sr Notes

Jostens

8.375% Sr Sec’d Notes

Marketweight

KIK Consumer Products

8.25% Sr Sec’d Notes

10.75% Sr Notes

PetSafe Brands

9.5% Sr Sec’d Notes

Prestige Healthcare

TL-B, 5.125%, 3.75%

Sr Notes

Scotts Miracle-Gro

5.25%, 4.5%, 4.0%

Sr Notes

Overweight

Spectrum Brands

3.875% Sr Notes

Newell Brands

6.375%, 8.5%, 6.625%

6.375%, 6.625%, 8.5%

7.5% Sr Notes

Restricted

American Greetings

TL-B

Source: BofA Global Research

BofA GLOBAL RESEARCH

BofA Securities does and seeks to do business with issuers covered in its research

reports. As a result, investors should be aware that the firm may have a conflict of

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