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CVC-Owned Douglas’s Bonds See Record Gain as Profit Rises – Bloomberg

Bonds of Douglas GmbH, the German beauty retailer, reached the highest level since July 2018 after reporting an increase in earnings in the key Christmas shopping period (…). “This is further proof that the company’s fundamentals are improving, which has been happening for a few quarters now,” said Anthony Giret, an analyst at Spread Research (…)

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Le marché high yield n’intègre pas le risque du coronavirus – L’Agefi

Le marché crédit euro se montre, pour l’heure, totalement immune à la crise du coronavirus. (…).«Les secteurs cycliques ont commencé à perdre du terrain mais seulement de façon modérée, à l’exception du transport dont le ‘spread’ s’est écarté de 140 pb depuis le 17 janvier», note Benjamin Sabahi, responsable de la recherche crédit chez Spread Research.(…)

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Here’s What to Watch in European High-Yield Bonds This Week – Bloomberg

Bankers are expecting a quiet week for new issuance in Europe’s high-yield market as the earnings season rolls on and with U.S. financial markets shut on Monday.(…) Several European high-yield issuers have sizeable exposure to China but spreads have mostly remained unaffected, Spread Research’s Benjamin Sabahi wrote in a note on Friday.

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Virus Onset in China’s ‘Motor City’ Darkens Auto Credit Outlook – Bloomberg

(Bloomberg) -- European junk-rated auto companies were just starting to show signs of a recovery after a prolonged downturn (…).The spread of debt linked to the automotive industry widened by around 50 basis points by mid-January but bounced back recently as expectations rose that the effects would be temporary, according to a report by credit analysis firm SpreadResearch. (…)

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Le marché high yield en euros teste les investisseurs – L’Agefi

(…) De plus en plus d’émetteurs viennent aussi refinancer leurs dettes bancaires sur ce marché (HY). «Depuis octobre dernier, il est aussi compétitif que celui des loans», souligne Benjamin Sabahi qui reconnaît que cette tendance pourrait accroître le risque alors que le marché est entré dans une phase avancée du cycle (...)

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In Europe’s High-Yield Market Even the Best is Below Average – Bloomberg

(…) The Banijay deal became the first this year to test investors’ threshold for riskier paper and highly leveraged borrowers, amid a glut of better rated issuers with well-known capital structures. “The market has not been tested for such aggressive M&A and complex deal in a while,” Joan Sehim, an analyst at Spread Research (...)

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Travel, Shipping Junk Bonds Decline Amid Coronavirus Worries – Bloomberg

There’s “obvious” risk for airlines, shipping and traveling, Benjamin Sabahi, head of credit research at Spread Research said, although it’s “early at this stage to assess the impact”

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Casino’s Weak Profit Raises Risks for Rallye’s Debt Outlook – Bloomberg

(Bloomberg) -- Rallye SA’s prospects to exit creditor protection suffered a blow after bondholders rejected its plan and French grocer Casino-Guichard Perrachon SA reported weaker- than-expected earnings (…) . A Paris court is set to rule on Rallye’s plan by the end of March. “Even if most bondholders object, it’s still up to the court to decide,” said Anthony Giret, an analyst at Spread Research in Lyon, France. “The alternative is liquidation, and bondholders would be even worse off in that situation.” (…)

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European junk-bond New Year sales surge may herald rush to risk – Reuters News

LONDON, Jan 14 (Reuters) - The market for junk-rated European bonds started 2020 with the best sales in the first two weeks in at least a decade, and rising demand for high-yield assets is seen as opening the doors for riskier borrowers. Companies rated sub-investment grade -- or junk in market parlance -- have raised around 3 billion euros ($3.34 billion)since the start of the year. That's the highest level ever for this period and more than double what was sold by this time in 2019, according to Refinitiv IFR data dating back to 2011 (…) The junk surge should continue. Paris-based high-yield specialist Spread Research predicts issuance at around 110 billion euros in 2020, versus 75 billion euros or so last year.

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Patrick Drahi a retourné les investisseurs – L’Agefi

Patrick Drahi a retourné les investisseurs Par Olivier Pinaud (L'Agefi) -- En un an, Altice Europe a totalement retourné les investisseurs. Alors que l’opérateur de télécoms avait dû payer en mai 2019 une prime de 800 points de base pour assurer son retour sur le marché obligataire, il a concédé un spread 2,5 fois inférieur, pour des obligations de maturité comparable, lors de l’émission réalisée en milieu de semaine (...) «Altice n’a plus de dette majeure à rembourser avant 2025, ce qui repousse tout risque de liquidité», souligne Jean-René Méduri, analyste crédit chez Spread Research. «Et en cas de besoin, le groupe aurait la capacité de réagir, par exemple en vendant Teads, qui n’est plus aujourd’hui considéré comme stratégique», ajoute-t-il.

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