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VF Corp (VFC; Baa3 Neg, BBB- Neg)

CONSUMER CYCLICALS
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  • VF weakness continues; 32s +6, 29s +5, 28s +3 and 26s unch - steepening was the risk we flagged heading in, and heading out of 4Q earnings last week.
  • Caution remains on those eyeing carry further out; moves on 29s since earnings has already eaten though ~3m worth of spread carry. 28/29s still well inside firm IG rated RE names like Aroundtown & HY Elo (NR/BB+ stable) - leaves room for this to continue & still weak 1Q25 guidance makes timing of any positive turnaround far.
  • Next catalysts are brand sales and/or rating downgrades (expected) - neither is clear positive for longer end.

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  • VF weakness continues; 32s +6, 29s +5, 28s +3 and 26s unch - steepening was the risk we flagged heading in, and heading out of 4Q earnings last week.
  • Caution remains on those eyeing carry further out; moves on 29s since earnings has already eaten though ~3m worth of spread carry. 28/29s still well inside firm IG rated RE names like Aroundtown & HY Elo (NR/BB+ stable) - leaves room for this to continue & still weak 1Q25 guidance makes timing of any positive turnaround far.
  • Next catalysts are brand sales and/or rating downgrades (expected) - neither is clear positive for longer end.