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Sector Report - Automobiles & Parts: Auto-part supplier BBs - 3Q outlook weaker, but M&A leads to further issuance

In this note, we provide our thoughts on the fundamental sector outlook, but also on ESG considerations and the recently increased M&A activity in the sector. We also updated our views of five of the BB automotive supplier bond issuers we cover. We a...
UniCredit Sven
Sven Kreitmair @ UniCredit 17 September 2021

HY & Xover Update - KEDRIM, PPFTEL, FRFP, Earnings Preview

Kedrion: Takeover of Biotest by Grifols likely to have only minor impact on KedrionBuy the KEDRIM 5/26 issue, trading at 99.8/100.3. PPF Telecom: Kellner family weighs stake sales in PPF GroupBuy the PPFTEL 3.25% 9/27 at 109.25 or at Z+178bp. Valeo:....
UniCredit Sven
Sven Kreitmair @ UniCredit 17 September 2021

HY & Xover Update - KEDRIM, PPFTEL, FRFP, Earnings Preview

Kedrion: Takeover of Biotest by Grifols likely to have only minor impact on KedrionBuy the KEDRIM 5/26 issue, trading at 99.8/100.3. PPF Telecom: Kellner family weighs stake sales in PPF GroupBuy the PPFTEL 3.25% 9/27 at 109.25 or at Z+178bp. Valeo:....
UniCredit Sven
Sven Kreitmair @ UniCredit 17 September 2021

Daily Credit Briefing

Top Credit Stories Bertelsmann (BERTEL) - Begins Majorel IPO process CNH Industrial (CNHI) - Iveco spin-off, new CFO and fixed-income roadshow Commerzbank (CMZB) - Cerberus open to acquiring 15.6% government stake, according to Handelsbla...
UniCredit Sven
Sven Kreitmair @ UniCredit 17 September 2021

Fixed Income Strategy: Top picks for Q4 2021

We present our top picks for the rest of this year – an update to our top picks for 2021, published in December. Angola (B3/CCC+/CCC) has been one of the better-performing markets this year (helped by the recovery in oil prices), with a total return ...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 16 September 2021
Fixed Income Strategy: Top picks for Q4 2021
Fixed Income Strategy: Top picks for Q4 2021

Covered Bond & Agency Monitor - Dutch specialities (English version)

Dutch specialtiesCovered Bond market telegram: While the Euromoney/ECBC Covered Bond Congress is still running, we provide a rather short Covered Bond & Agency Monitor this week. Primary market was quite vivid. However, secondary trading was subdued....
UniCredit Franz
Franz Rudolf @ UniCredit 16 September 2021