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VF Corp (VFC; Baa3 Neg, BBB- Neg) Vans Head Appt.

CONSUMER CYCLICALS
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Some equity takes below, all optimistic - as expected on a senior industry figure stepping in. We were/are on the side-lines with this curve after last weeks still falling no's & lack of guidance to work with. €26s are only line that have held firm (+3) since earnings - fair enough, carry there (Z+156) and brand sales (to fund debt paydowns) look to be nearing completion - latter would clear all debt ahead of the 26s.


{NSN SECHZVT1UM0W <GO>}

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Some equity takes below, all optimistic - as expected on a senior industry figure stepping in. We were/are on the side-lines with this curve after last weeks still falling no's & lack of guidance to work with. €26s are only line that have held firm (+3) since earnings - fair enough, carry there (Z+156) and brand sales (to fund debt paydowns) look to be nearing completion - latter would clear all debt ahead of the 26s.


{NSN SECHZVT1UM0W <GO>}