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VF Corp (VFC; Baa3 Neg/BBB- Neg) € bonds bid - again

CONSUMER CYCLICALS

€ VFC lines are another 3-5 tighter adding to yesterday's HSD move in as it shares in equities optimism. We don't have as much of a issue with €26s (front now). Further out no firm view to see it tighten yet. For those that point to steepness - it's parallel to apparel retailer PVH 27/29s. Latter has often confused us but note earnings ahead (Tuesday after US close).

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