HY & Xover Update - ADNT, AAFFP, BLL, BORMPH, CLNXSM, GESTSM, LDOIM, ROSINI, Earnings Previews

HY & Xover Update

  • Adient: FCF guidance increased, but major credit driver is the completion of strategic transformation transaction in ChinaHold ADNT 08/24 at 102.1/105.2
  • Alain Afflelou: Refinancing and 3Q20/21 business update -
  • Ball: Accelerating capacity expansion while beverage growth in all markets continued in 1Q21Hold the BLL 3/27 trading at a Z-spread of around 130bp
  • Bormioli Pharma: EBITDA and leverage slightly up in 1Q21Hold the BORMPH 11/24, callable at par
  • Cellnex Telecom: 1Q21 results show expected strong growth, guidance confirmedHold the CLNXSM 6/29, trading at a Z-spread of 166bp
  • Gestamp: 1Q net leverage down to 2.8x vs. 3.1x qoq and 2021 guidance affirmedHold GESTSM 04/26 at 101.1/101.6
  • Leonardo: Confirms full-year outlook after robust 1Q21 resultsHold the LDOIM 2.375% 26s at a Y-spread of 152bp
  • Rossini: Weak 1Q21 results and 2023 business plan with question marksHold the ROSSINI 6.75% 10/25 trading at 105.6/106.0

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