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Pernod Ricard; Credit Unmoved In Face Of Positive News

CONSUMER STAPLES

(FR) Pernod Ricard (RI FP) curve is marginally wider this afternoon, yet the equity continues to bask in LVMH’s reflected glory (MC FP).


  • Since the mid-Oct-23, Pernod’s equity was down 10% (vs. SXXP +6.5%) until yesterday so a large part of today’s move is clawback of that underperformance in the face of good news.
  • It’s still worth noting that, over a similar timescale, Pernod’s spread has gone from <1bp to almost 20bp. Even much more mainstream Diageo credit has traded better over that time period.

Pernod reports figures on 15-Feb at 0800 London time.

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