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Golden Goose pulls IPO

CONSUMER CYCLICALS
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  • The lux sneaker brand called off its IPO late last night quoting “significant deterioration in market conditions"
  • Bloomberg was reporting pricing was looking to be at €9.75 vs. the marketed €9.5-10.5 price range yesterday. In it's statement last yesterday co said "book of demand was covered across the price range from the first hour of bookbuilding" but pointed to sentiment souring after EU & now called French election - it is Milan/Italy headquartered.
  • On deteriorating luxury sector sentiment GG references, Burberry stock is another -5% over the week and the new 30s are +14 wider after pricing -34bps through our FV.
  • It finishes with IPO will be "reassessed in due course". Shares were set to start trading on 21st of June.
  • Follows French public development bank SFIL (Aa2/AA-/AA) pulling its €Benchmark 5Y on Friday.
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  • The lux sneaker brand called off its IPO late last night quoting “significant deterioration in market conditions"
  • Bloomberg was reporting pricing was looking to be at €9.75 vs. the marketed €9.5-10.5 price range yesterday. In it's statement last yesterday co said "book of demand was covered across the price range from the first hour of bookbuilding" but pointed to sentiment souring after EU & now called French election - it is Milan/Italy headquartered.
  • On deteriorating luxury sector sentiment GG references, Burberry stock is another -5% over the week and the new 30s are +14 wider after pricing -34bps through our FV.
  • It finishes with IPO will be "reassessed in due course". Shares were set to start trading on 21st of June.
  • Follows French public development bank SFIL (Aa2/AA-/AA) pulling its €Benchmark 5Y on Friday.