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Qalaa Holdings: 3Q21 – despite revenue surge, losses are maintained; Maintain EW

Qalaa Holdings reported 3Q21 consolidated financial results posting a net loss post minority of EGP441 million, versus 2Q21’s net loss of EGP402 million and 3Q20’s net loss of EGP444 million. Consolidated debt stood at EGP63.1 billion of which EGP43....
Al Ahly Pharos Securities Brokerage Omar
Omar Attia @ Al Ahly Pharos Securities Brokerage 5 December 2021

The Euro High Yield Credit Chartbook (December 2021)

UniCredit Jonathan
Jonathan Schroer @ UniCredit 3 December 2021

TAV Airports Holding: Another value enhancing deal completed in 2021

TAVHL-Fraport JV has won the tender, with an EUR7.25bn offer, held by State Airports Authority (DHMI) in Dec 2021. Starting from 2027E, JV will collect EUR1.5/PAX security fee from international PAX. We assumed 4 equal payments of EUR150 between 2022...
ATA Invest Aytunc
Aytunc Uz @ ATA Invest 3 December 2021

The Euro IG Corporate Credit & Hybrid Chartbook (December 2021)

UniCredit Ulrich
Ulrich Scholz @ UniCredit 3 December 2021

HY & Xover Update - LDOIM, ROSINI, TITIM

Leonardo: KNDS prepares bid for unitsHold LDOIM 1/26 at a z-spread of 154bp. Rossini: Recordati buys EUSA Pharma for EUR 750mnHold the ROSSINI floater, trading at 99.9/100.2. Telecom Italia: Italian government likely to exercise Golden PowerHold TITI...
UniCredit Jonathan
Jonathan Schroer @ UniCredit 3 December 2021

Daily Credit Briefing

Top Credit Stories Allianz (ALVGR) - Reinsurance agreement improves Solvency ratio by 9pp and 4% annual growth in operating profit is targeted in 2022-24 Credit Agricole (ACAFP) - Provides 10-point social action plan Daimler (DAIGR) - Mer...
UniCredit Sven
Sven Kreitmair @ UniCredit 3 December 2021