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PVH (Baa3, BBB-; Double Pos)

CONSUMER CYCLICALS
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27s another -8 today - no issue with moves over last week & see more room to go to FV. Again 29s are being left behind.

  • Flatteners screen cheap; +40bp spread (+25bp on yield) for +1.6y term extension - troubled Kering is spread +15 there as point of comparison.
  • Re. 29s in isolation; despite attractive carry (Z+130) & roll we are still weary heading into a rough 1Q earnings.
  • Raters & analyst (we've seen) stuck to PVH's side after guidance for this year triggered a sell-off (constant-currency revenue to decrease -6-7% vs. flat consensus at the time), analyst noting some of it was one one-offs (-2% from sale of heritage brands) & some on a purposeful rotation away from Europe wholesale.

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27s another -8 today - no issue with moves over last week & see more room to go to FV. Again 29s are being left behind.

  • Flatteners screen cheap; +40bp spread (+25bp on yield) for +1.6y term extension - troubled Kering is spread +15 there as point of comparison.
  • Re. 29s in isolation; despite attractive carry (Z+130) & roll we are still weary heading into a rough 1Q earnings.
  • Raters & analyst (we've seen) stuck to PVH's side after guidance for this year triggered a sell-off (constant-currency revenue to decrease -6-7% vs. flat consensus at the time), analyst noting some of it was one one-offs (-2% from sale of heritage brands) & some on a purposeful rotation away from Europe wholesale.

Keep reading...Show less