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HY & Xover Update - BLL, CCK, ARGID, CABBCO, GAMMAB, MCLAUT, PTECLN, TITANL

  • Ball;Crown;Ardagh: Canpack to double capacity in North AmericaBall (Hold), CCK (Buy), ARGID/AMPEV (Hold)
  • CABB: Expected stable 1Q results, but guidance remains (too) cautiousBuy the secured CABBCO 5.25% indicated at 3.7% YTC-9/22
  • Gamenet Group: Online supports 1Q21, synergies confirmedBuy GAMMAB 5.125% 7/25 at a z-spread of 495bp
  • McLaren: Sale and lease back of the McLaren campus supports liquiditySell MCLAUT 5% 8/22, trading at 98.8/99.5 (BVAL)
  • Playtech: Reaches agreement on Finalto saleHold PTECLN 10/23 at a z-spread of 340bp
  • TeamSystem: Sound 1Q21 results, deleveraging on trackBUY TITANL FRN 2/28 at a DM of 360bp

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