Fixed Income Analysis /
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Daily Credit Briefing

    Michael Teig
    Michael Teig

    Deputy Head of Financials Credit Research

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    Gianfranco Arcovito
    Christian Aust
    Tobias Keller
    UniCredit
    18 January 2021
    Published byUniCredit

    Top Credit Stories Aareal Bank (AARB) - Will book double-digit million euro loss in FY20 due to higher LLPs in 4Q20 Akzo Nobel (AKZANA) - Proposes EUR 1.4bn acquisition of Tikkurila Bayer (BAYNGR) - Aims to help CureVac with COVID-19 vaccine production Carrefour (CAFP) - End of merger talks with Couche-Tard but instead considering an alliance Citigroup (C) - 4Q20 net profit well above consensus supported by net risk release JPMorgan Chase (JPM) - 4Q20 net profit of USD 11.7bn supported by release of risk provisions TUI (TUIGR) - Announces early bond redemption TeamSystem (TITANL) - Expects to refinance its notes in 1Q21 Telefonica (TELEFO) - S&P takes positive view of towers sale Total (TOTAL) - USD 2.5bn acquisition in Indian solar power market Veolia Environnement (VIEFP); Suez (SEVFP) - Involvement of Ardian and GIP will most likely not be accepted by Veolia de Volksbank (DEVOBA) - Moody's upgrades senior unsecured debt ratings to A2