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Consumer Wideners

CONSUMER STAPLES

€IG cash is very weak today, below the movers in consumer (all steepening);

  • VFC (Baa3/BBB; D. Neg) +2-17bps; caution ahead of earnings next week. Again continuing to steepen from flat levels against the low cash px 32s.
  • ITM (unrated) +9bps; as Auchan heads wider it becomes tougher to see how this private co running similar bottom of the pack margins and lack of reporting clarity can be left 200bps inside. Caution on attempting to trade the spread though - both are competing for share of same pie (can move against you quickly).
  • IAG (Baa3/BBB- Pos) unch to +5 (on 29s!); we continue to be confused by 29s. We see it as strongest on fundamentals within € airline issuers and results late yesterday have only affirmed that. We will follow up on yesterday's numbers.
  • WOWAU 28s (Baa2/BBB) +7; sector leader on grocery margins but is coming off a strong rally. Normally flow driven but good to have seen it finally get the support it deserved and be brought into FV.
  • Lufthansa (Baa3/BBB-) unch to +7; earnings were not horrible but a rare rotation with spread pick up AND better fundamentals (our view) into the IAG29s.
  • Booking.com (A3/A-) unch to +8; earnings beat o/n - 2Q adj. EBITDA $1.9b (c$1.76b) at a 32.4% margin (c30.4%) - but curve is well bid in.
  • Kering (NR/A-) unch to +6bps; steepening but still not at levels that we see as compensating for uncertainty and/or a slow recovery ahead. S&P will stay put and co is BS aware based on recent comments.
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