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Pandora (PNDORA; Baa2, BBB; S)

CONSUMER CYCLICALS
  • Affirmed by S&P after launching its €500m 6Y SLB mandate. ~€250m of net supply here with it refi-ing DKK2b (~€270m) term loan due next year. We didn't/don't expect rating changes; https://marketnews.com/pandora-pandora2-28s-baa2-b...
  • 28s holding firm (+1) a positive sign ahead of pricing (exp. Thursday). Our sector cheapest screen has been PVH29s (Z+133), but we have flagged for those on the side-lines now, to wait out the expected & guided to rough 1Q results (4th June).
  • We will follow up on FV.
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  • Affirmed by S&P after launching its €500m 6Y SLB mandate. ~€250m of net supply here with it refi-ing DKK2b (~€270m) term loan due next year. We didn't/don't expect rating changes; https://marketnews.com/pandora-pandora2-28s-baa2-b...
  • 28s holding firm (+1) a positive sign ahead of pricing (exp. Thursday). Our sector cheapest screen has been PVH29s (Z+133), but we have flagged for those on the side-lines now, to wait out the expected & guided to rough 1Q results (4th June).
  • We will follow up on FV.