Top Credit Stories Banco de Sabadell (SABSM) - To implement new efficiency plan in Spain in 1Q22 as part of new strategic plan Bulgarian Energy (BULENR) - Plans to issue up to EUR 650mn in bonds globally IMA (Industria Macchine Automatiche) (IMAIM) - Outlook for substantial earnings and deleveraging growth confirmed, but M&A remains a risk Ineos (INEGRP); INEOS Quattro (STYRO) - S&P lifts outlook to stable on delveraging progress Lukoil (LUKOIL) - Strong FCF drives net leverage down in 1Q21 Mooney Group (MOONEY) - 1Q21 revenue up 17%, EBITDA up 21% due to Mooney Card and Banking Nord/LB (NDB) - 1Q21 loss of EUR 41mn due to lower NII and restructuring costs Phoenix Pharmahandel (PHARGR) - Strong FY20/21 results as expected Sanofi (SANFP) - Sanofi and Glaxo SmithKline start phase-III trial for COVID-19 vaccine - credit positive US vs. EU banks - EBA provides a comparison of provisioning in the context of the COVID-19 pandemic United Group (ADRBID) - 1Q21 results show positive organic growth in a restrained environment
- 1 Macro Analysis/Global G7 reiterates support for SDR allocation and seeks to boost its impact
- 2 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
- 3 Strategy Note/Vietnam Vietnam: The best emerging market is still spoilt by foreign ownership limits
- 4 Macro Analysis/Pakistan Pakistan's FY22 Federal Budget – Serious push on growth
- 5 Strategy Note/Global Egypt's military spend is not securing the Nile in its dispute with Ethiopia
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