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VF Rallying

CONSUMER CYCLICALS

VF 2-10bps tighter today after S&P released a Q&A doc on last months downgrade; Moody's the risk & yet to come

  • VF (Baa3 Neg, BBB- Neg, NR) a name that screened cheap to us (particularly on short-end that's come in 15bps since), is moving tighter today - only recent news was S&P coming out yesterday with a Q&A doc on its downgrade to BBB- Neg post earnings (move was well expected). Conditions it established for a move into HY were also as expected (by Moody's & company).
  • Moody's is yet to comment and likely to be the first mover into HY (it was already on BBB neg heading into earnings that disappointed). Still no updates on 2nd board appointment or Packs business sale. It reports 4Q23 results in late May.
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