Fixed Income Analysis /
Global

HY & Xover Update - NDXGR, FRFP, RENAUL, RCIBK, NFLX

    Sven Kreitmair
    Sven Kreitmair

    Head of Credit Research

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    Jonathan Schroer
    Gianfranco Arcovito
    Christian Aust
    UniCredit
    15 January 2021
    Published byUniCredit

    HY & Xover Update

    • HY Consumers: Gaming halls in Italy likely to remain closed until MarchWe continue to maintain a cautious approach on Italian gaming sector
    • Nordex: FY20 order intake broadly in line with last year despite COVID-19Sell the NDXGR 6.5% 2/23 at a cash price of 102
    • Renault;RCI Banque: Renaulution strategic plan targets are credit supportive; prefer RCI subordinated bondBuy RENAUL (RCI Banque) 2/30 at 101.4/102.6
    • Valeo: Preliminary key figures for 2H20, EBITDA margin and FCF above October guidanceSell FRFP 3.25 1/24 at 108.5/109.4