Fixed Income Analysis /
Germany

HY & Xover Update - DOUGR, GRUPHA, ZFFNGR

    Sven Kreitmair
    Sven Kreitmair

    Head of Credit Research

    Contributors
    Jana Schuler
    Silke Stegemann
    Ulrich Scholz
    UniCredit
    30 March 2022
    Published by

    HY & Xover Update

    • Douglas: S&P has a B- rating and a negative outlook Hold the DOUGR 6% 8/26 trading at 95.0/95.7
    • Grünenthal: Strong 2021 key results and outlook for 2022 is above our estimate Buy the GRUPHA 4.125% 5/28 trading at 96.4/97.7
    • ZF Friedrichshafen: Outlook change to stable from negative by S&P Hold the ZFFNGR 9/28 at 94.44/95.55