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Pandora (PNDORA; Baa2, BBB; S) Guidance

CONSUMER CYCLICALS


€500m 6Y SLB MS+115a vs FV +100


  • 30bps in from IPT and books>€1.7b are in-line metrics.
  • For those nervous on retail exposure, Pandora may be a good in with solid fundamentals. Soon after Kering's weak 1Q we mentioned stepping down as also attractive pick up (we price Kering to BBB+ ratings).
  • H&M the larger fast fashion exposed an alternative.

FV/Background on co; https://marketnews.com/pandora-pndora-baa2-bbb-s-r...

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€500m 6Y SLB MS+115a vs FV +100


  • 30bps in from IPT and books>€1.7b are in-line metrics.
  • For those nervous on retail exposure, Pandora may be a good in with solid fundamentals. Soon after Kering's weak 1Q we mentioned stepping down as also attractive pick up (we price Kering to BBB+ ratings).
  • H&M the larger fast fashion exposed an alternative.

FV/Background on co; https://marketnews.com/pandora-pndora-baa2-bbb-s-r...