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Luxury opening moves

CONSUMER CYCLICALS

Levels after Richemont's firmer earnings (ex. China).

(All in €s on Z-spread given above issues)


  • Burberry -2% (Baa2/NR); £30s +3 (+14 yest.)
  • Kering: -2.5% (NR/A-); unch to +3 (€) & unch (£)
  • Richemont: +0.7% (NR/A+); unch to +2 (€)
  • LVMH: -1% (AA-/Aa3); unch to +1 (€/£)
  • Swatch; unch (not credit issuer)

Has had limited read-through to lux-beauty thus far;

  • Loreal; -1.4% (Aa1/AA); unch to +1 (€)
  • Coty; US - closed (Ba2 P/BB+ P/BBB-S); unch (€)

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