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Covered Bond & Agency Monitor - European supra and agency supply to increase (English version)

Covered bond market telegram: Primary market remained open with strong demand for offered paper, while secondary markets remained constructive with only a slight widening, supported by increased CBPP3 purchases. It looks like the covered bond year wi...
UniCredit Franz
Franz Rudolf @ UniCredit 2 December 2021

GB : Strategy - The value of transparency for smaller firms

CGS-CIMB Joachim
Joachim Klement @ CGS-CIMB 2 December 2021

GB : Serco Group - 15p EPS possible medium term

Serco has released a pre-CMD update, which indicates trading has been in line with guidance given last month. New capital allocation policy indicates 15% DPS growth. We maintain our FD EPS estimates and expect to be slightly above consensus for FY 2....
CGS-CIMB Alex
Alex O’Hanlon @ CGS-CIMB 2 December 2021

Daily Credit Briefing

Top Credit Stories A2A (AEMSPA) - A2A and Ardian agree to extend binding exclusivity period to end of March 2022 Auto part suppliers and auto makers - 2022 light-vehicle production forecast of +12% yoy positive for auto parts supplier sector&...
UniCredit Sven
Sven Kreitmair @ UniCredit 2 December 2021

GB : Pendragon - Q4 volumes and margins strong

We increase FY21E adj. PBT by 16% to reflect better than expected trading in Q4 to date. We continue to expect a decline in profits across the sector in 2022 as used car prices normalise, albeit this looks unlikely to happen in H1. The bid for Marsh....
CGS-CIMB Alex
Alex O’Hanlon @ CGS-CIMB 2 December 2021

GB : Oakley Capital Investments - 70% NAV TR by 2023 on conservative estimates

Oakley Capital Investments has delivered a five-year NAV CAGR of 17%. Returns have been generated by EBITDA growth in the portfolio companies and uplifts on realisations. The average portfolio valuation multiple is at a very conservative level given....
CGS-CIMB Conor
Conor Finn @ CGS-CIMB 2 December 2021