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VF Corp (VFC; Baa3 Neg/BBB- Neg) € bonds move tighter

CONSUMER CYCLICALS
  • Seems € bonds are keen to price the optimism equities have been as they move in -7-11bps today on no news.
  • As we said after earnings, we see the timing still wrong ahead of a still guided to rough quarter.
  • Between then VFC will sit with high beta to any macro (particularly to deteriorating).
  • As we said the €26s are the front maturity now (rest pre-funded from asset sales) giving it some support.
  • Duration further out looks fair at best to us, though lack of duration from pref. names on these levels (Dufry/Coty) makes it hard for us to suggest rotations.
  • On XCCY $ now sits wider - that looks to be mainly on todays € moves.

Note from earnings here

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