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CONSUMER CYCLICALS: Kering; equities slide

CONSUMER CYCLICALS

(NR/BBB+ Stable) 

Equities are -48% YTD while high-grade €31s are +45bps. Macro is not a excuse; Prada is +25% and local issuers Richemont and Birkenstock are flat. These are not rating comp's for Kering but if we broaden out we can find similar examples - like Pandora +15% and giving +40bps.

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(NR/BBB+ Stable) 

Equities are -48% YTD while high-grade €31s are +45bps. Macro is not a excuse; Prada is +25% and local issuers Richemont and Birkenstock are flat. These are not rating comp's for Kering but if we broaden out we can find similar examples - like Pandora +15% and giving +40bps.

Keep reading...Show less