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Consumer & Transport Movers

CONSUMER CYCLICALS
  • Richemont (+1%) +2-6 wider; earnings were surprisingly firm and BS on a sizable net cash position.
  • B&M (+4%) £28/30s ~unch; 1Q results were weak on headline but mgmt tone was bullish on outlook and margins. We continue to see value in £28s.
  • Walgreen Boots (+1%) €26s +10; starting to see value on RV but uncertainty remains on the core US retail pharmacy business.
  • Kering (-3%) +2-6 wider; long seen the curve as rich, earnings come next Wednesday.
  • Burberry (-4%); 30s +3; we don't see value on single brand exposure that has lost traction (currently unprofitable). BS could change shape if new CEO invests heavily to fix that.
  • Poste Italiane (unch) 28s +3 and perps unch; Rumours this morning that gov. would sell down 13% of its 29% stake have been dispelled by Reuters who say it has not been tabled. Slight credit positive if it does sell. 28s show no value, perps well away from first call/step up date in '29.
  • Sani/Ikos Group (private): 26s +1.1pts as it pulls the line; it's in primary with a 6NC2.
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