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Week in Review; VF (Baa3 Neg, BBB- Neg); €26-32's ~unch; equities +2%

CONSUMER CYCLICALS

* Equities holding -3.5% vs. pre-earnings, FY24 consensus for rev's ~unch at -9.5% (S&P est's -10% post earnings/downgrade) & FCF unch at $650m (vs. company guidance of $600m).

* On key points of risk; Still no word from Moody's after earnings (on Baa3 Neg), the 2nd new board appointment (changes are credit +ve) & the key Pack business sale. Broader direction on the "strategic review of brand assets in portfolio" remains the key uncertainty.

* On Pricing; curve holding relatively well this week on BB/B underperformance (+5) & has come in against rising star hopeful Coty (~12bps on 26's) . 26's in particular still screen cheap to us - even on a (~likely) downgrade/crossover rating from Moody's.

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