Fixed Income Analysis /

Daily Credit Briefing

    Sven Kreitmair
    Sven Kreitmair

    Head of Credit Research

    Gianfranco Arcovito
    Christian Aust
    Michael Teig
    20 April 2021
    Published by

    Top Credit Stories Antolin (ATLNSA) - 1Q21 leverage covenant up to 4.3x from 3.9x qoq BMW (BMW) - 1Q21 preliminary key figures above expectations, but reportedly fine payment on antitrust proceedings by the EC to be expected CBR Fashion (CBRFHG) - Refinancing announcement Crown (CCK) - Strong quarterly results and continued positive outlook IBM (IBM) - As expected, Cloud continues to drive growth in 1Q21 INEOS Quattro (STYRO) - Initiation of coverage with buy K+S (SDFGR) - Expects earlier closing of Americas sale Münchener Hypothekenbank (MUNHYP) - FY20 net results up 5.6% yoy to EUR 37.7mn, CET1 ratio at strong 20.6% Schaeffler (SHAEFF); IHO (IHO) - Preliminary 1Q21 key figures above expectations Traton (TRAGR) - Raises FY21 outlook and reports preliminary key 1Q21 figures