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Sector Flash - Banks: EBA and ECB release results of 2021 EU-wide bank stress test

Event: On Friday the European Banking Authority (EBA) released the outcome of its 2021 bank stress test for 50 European banks in the sample from 15 EU and EEA countries. Of these, 38 are significant euro-area banks under the jurisdiction of the Singl...
UniCredit Michael
Michael Teig @ UniCredit 2 August 2021

HY & Xover Update - PIAGIM

Piaggio: Adj. net leverage in 1H21 improved to below pre-pandemic levels, increasing the chance of an upgrade at S&PHold PIAGIM 4/25 at 101.897/102.272.
UniCredit Sven
Sven Kreitmair @ UniCredit 2 August 2021

Daily Credit Briefing

Top Credit Stories A2A (AEMSPA) - Guidance raised after strong half-year results AXA (AXASA) - Gross revenue up 2.8% yoy to EUR 53.9bn; Solvency ratio improved by 12pp CNH Industrial (CNHI) - 1H21 leverage reduced and FCF guidance increas...
UniCredit Sven
Sven Kreitmair @ UniCredit 2 August 2021

Weekly Supply Preview - EGB supply to come mostly from core issuers in the coming weeks

Last week: Supply was EUR 18bn from Belgium, Italy and Germany; less than redemptions (EUR 30bn) and coupon payments (EUR 11bn). While fixed-income markets were well supported amid risk off sentiment, demand at the auctions was generally soft (the 15...
UniCredit Luca
Luca Cazzulani @ UniCredit 2 August 2021

AMENDED: HY & Xover Update - Corrected recommendation headline on page 7

Amplifon: Further recovery in 2Q21 and guidance increase but new share buyback programHold the AMPIM 2/27, trading at 100.4/101.5. Bormioli Pharma: Lower pharma volumes and margins in 2Q21Hold the callable BORMPH FRN 11/24, indicated at marginally be...
UniCredit Sven
Sven Kreitmair @ UniCredit 30 July 2021

Daily Credit Briefing

Top Credit Stories BBVA (BBVASM) - Better-than-expected 2Q21 profit thanks to strong core revenue trend and lower LLPs BNP Paribas (BNP) - 1H21 results beat expectations again BT (BRITEL) - 1Q21/22 results in line with consensus, but comp...
UniCredit Sven
Sven Kreitmair @ UniCredit 30 July 2021