Fixed Income Analysis /
Global

HY & Xover Update - AFFP, BORMPH, CHEPDE, IGT, GAMMAB, LHAGR, MANTEN

    Sven Kreitmair
    Sven Kreitmair

    Head of Credit Research

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    Contributors
    Silke Stegemann
    Jonathan Schroer
    Gianfranco Arcovito
    Christian Aust
    UniCredit
    6 April 2021
    Published byUniCredit
    • Air France-KLM: Receives EU approval for EUR 4bn recapitalization planBuy the AIFP 1/25 bond at a cash price of 94.5 (YTM: 3.5%)
    • Bormioli Pharma: Releases solid key figures for FY20Buy the BORMPH 11/24 trading at 100.18
    • Cheplapharm: FY20 revenue +30%, EBITDA margin -100bp to 52% and leverage ratio up to 3.64x vs. 3.34xBuy CHEPDE 2/27 at 101.8/102.0
    • IGT;Gamenet Group: Gaming Italy, recent developmentsHold IGT 6/26 at a Z-spread of 320bp, Buy GAMMAB 7/25 at a Z-spread of 530bp
    • Lufthansa: AGM asked to approve EUR 5.5bn in authorized (equity) capitalSwitch out of LHAGR 2/25s into AFFP 1/25s for a pick-up of 0.9% in yield
    • Rekeep: Aquisition of stake in U.JetBuy the MANTEN 7.25% 2/26 at 107.9 or a YTW of 4.6%