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HY & Xover Update - LHMCFI, DUFNSW, LHAGR, PROGRP, TITIM, WIEAV

HY & Xover Update

  • Cirsa: 1Q21 was the toughest quarter but development in March increases confidenceHold LHMCFI 2023 at a z-spread of 535bp
  • Dufry: 1Q21 shows improvement in USHold DUFNSW 10/24 at a z-spread of 325bp
  • Lufthansa: Hybrid coupons deferredSell the LHAGR hybrid
  • Progroup: 1Q21 results show expected impact of higher recovered-paper pricesBuy the PROGRP 3% 3/26, offering an attractive 2.0% YTC 3/22
  • Telecom Italia: 1Q21 results show improving fixed trends but mobile remains difficultHold the TITIM 2.75% 4/25 trading at 104.9/105.3 of 1.3%
  • Wienerberger: Moody's lifts outlook to stableBuy the WIEAV 2.75% 06/25 offered at Z+90bp

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