Fixed Income Analysis /

Daily Credit Briefing

    Sven Kreitmair
    Sven Kreitmair

    Head of Credit Research

    15 January 2021
    Published byUniCredit

    Top Credit Stories 2i Rete Gas (FIREIT) - Acquisition of Edison's gas distribution assets Bouygues (ENFP) - Announces ambitious targets for telecoms business CONSUMER - Gaming halls likely to remain closed until March Enel (ENELIM) - Moody's upgrades to Baa1 with stable outlook European banks - EBA releases 3Q20 Risk Dashboard data; asset quality picture still masked by support measures Intesa Sanpaolo (ISPIM) - Agrees with labor unions on 7,200 voluntary job exits by 2024 Nordex (NDXGR) - FY20 order intake broadly in line with last year despite COVID-19 Renault (RENAUL); RCI Banque (RCIBK) - Renaulution strategic plan targets are credit supportive; prefer RCI subordinated bond Telefonica (TELEFO) - Might monetize UK tower assets Tesco (TSCOLN) - Strong Christmas performance - UK like-for-like growth 8.1% Valeo (FRFP) - Preliminary key figures for 2H20, EBITDA margin and FCF above October guidance