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Burberry (Baa2 Pos, NR) {BURBY US Equity}

CONSUMER CYCLICALS

Barclays see China weakness as Gucci specific issue - as we mentioned yesterday equities seem to agree outside of Burberry (that has a sizeable 42% of sales in APAC) - Barclays similarly did flag Burberry on negative read through - though not on regional exposure but on similar "brand profile" to Gucci. Burberry does have a single £300m Sept 25's (Baa2 Pos, NR) but trade volumes look light on it - mids stream well wide/cheap.

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Barclays see China weakness as Gucci specific issue - as we mentioned yesterday equities seem to agree outside of Burberry (that has a sizeable 42% of sales in APAC) - Barclays similarly did flag Burberry on negative read through - though not on regional exposure but on similar "brand profile" to Gucci. Burberry does have a single £300m Sept 25's (Baa2 Pos, NR) but trade volumes look light on it - mids stream well wide/cheap.