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HY & Xover Update - ATLNSA, CBRFHG, CCK, STYRO, SDFGR, SHAEFF, IHO

HY & Xover Update

  • Antolin: 1Q21 leverage covenant up to 4.3x from 3.9x qoq Hold ATLNSA 4/26 at 98.4/99.2 (BVAL)
  • CBR Fashion: Refinancing announcement Restricted
  • Crown: Strong quarterly results and continued positive outlook Buy the CCK 9/24 trading at 105.7 or a Zspread of 110bp
  • INEOS Quattro: Initiation of coverage Buy the unsecured STYRO 3.75% 7/26 at Z+345bp
  • K+S: Expects earlier closing of Americas sale Buy the SDFGR 21 at 0.5% YTM and SDFGR 22s at 1.9% YTM
  • Schaeffler;IHO: Preliminary 1Q21 key figures above expectations Hold SHAEFF 10/28 at 109.6/110.1

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