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US Equity Closes

CONSUMER CYCLICALS
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{VFC US Equity}; Michelle Choe's departure wiped about $3b in market cap from Lululemon last week - she's added back $350m into VF on Friday as new Vans head. An impressive feat, but we don't think credit needs to read into it - mgmt new across the board but catalyst near-term remain neg. (our view). VF € lines held flat (for a change).


{FLUT US Equity} : US listing now the primary (dual-listing continues). It recovered London losses (trading was halted after >15% slide in the mng). Analyst still sceptical on read-through of CFO departure, some noting US listing plans were known for some time. €29s were weak; +4.5bps (on spread), no firm view from us. High growth expectations (+60%) baked in for this year (ending Dec) but hard to care about downside on BS given it trades well wide for ratings (Fitch on BBB) at Z+148 to worst in 4yrs & +165 to maturity in 5yrs. ESG makes RV tough, a name we will revisit.

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{VFC US Equity}; Michelle Choe's departure wiped about $3b in market cap from Lululemon last week - she's added back $350m into VF on Friday as new Vans head. An impressive feat, but we don't think credit needs to read into it - mgmt new across the board but catalyst near-term remain neg. (our view). VF € lines held flat (for a change).


{FLUT US Equity} : US listing now the primary (dual-listing continues). It recovered London losses (trading was halted after >15% slide in the mng). Analyst still sceptical on read-through of CFO departure, some noting US listing plans were known for some time. €29s were weak; +4.5bps (on spread), no firm view from us. High growth expectations (+60%) baked in for this year (ending Dec) but hard to care about downside on BS given it trades well wide for ratings (Fitch on BBB) at Z+148 to worst in 4yrs & +165 to maturity in 5yrs. ESG makes RV tough, a name we will revisit.