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HY & Xover Update - PELHOL, DOUGR, HPLGR, IGT, IMAIM, SGLGR, SHAEFF, IHO, WIEAV, Earnings Previews

HY & Xover Update

  • Adler Pelzer: S&P upgrade to B- with stable outlook Buy PELHOL 4/24 at 97.7/98.2
  • Douglas: 1H20/21 results review Buy the DOUGR 6% 8/26 issue trading at 100.6/101.1
  • Hapag-Lloyd: Expected strong 1Q21 results and confirmed full-year outlook Hold the HPLGR 2.5% 4/28 indicated around Z+250bp (to maturity)
  • IGT: Strong results of Lottery show potential going forward Buy IGT 6/26 at a z-spread of 295b.
  • IMA (Industria Macchine Automatiche): Outlook for return to growth in FY21 following expected weaker 4Q20 Hod the IMAIM 3.75 1/28 (Z+408bp) and IMAIM FRN 1/28 (DM 416bp)
  • SGL Carbon: Improved profitability in 1Q21 and restructuring/outlook on track Hold the SGLGR 4.625% 9/24, indicated at YTW of 3.9% (mid)
  • Schaeffler;IHO: Raises guidance and reportedly in talks for a bid for ABB's mechanical power transmission business, valued at an estimated USD 1.5bn Hold SHAEFF 10/28 at 108.6/109.0
  • Wienerberger: Resilient 1Q21 and confirmed outlook Buy the WIEAV 2.75% 06/25 offered at Z+100bp

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