LEVFIN SNAPSHOT: TAP Tumbles, William Hill Rallies Further
2020-09-30 11:17:10.20 GMT
By Libby Cherry
(Bloomberg) — TAP SA’s notes fell by 1.5 cents on the
euro, the largest decline since March, following earnings
released Monday showing the company made a net loss of EU582m in
1H2020, according to a regulatory filing.
* The firm’s EU375m notes due in December 2024 fell to 61.3, the
lowest since June, according to data compiled by Bloomberg
** NOTE: Portuguese Airline TAP SA Posts 1H Loss of EU582m
* Codere’s notes fell 1.4 cents on the euro to the lowest since
early June, after its creditors approved the restructuring plan
under the U.Kscheme of arrangement Tuesday: statement
** EU500m bonds due November 2021 quoted at 52.9 cents following
six days of losses
** More than 80% of bondholders have entered a lock-up agreement
so price moves are caused by a minority not participating in
restructuring, according to analysts at Spread Research
* William Hill’s notes reached their highest price since early
March after Caesars Entertainment agreed to purchase the company
at a valuation of GBP2.9b
** GBP350m bonds due in May 2026 jumped 0.8 pence on the pound
to 104.1
** NOTE: Deutsche, JPMorgan Line Up Debt for Caesar’s William
Hill Bid
* The Markit iTraxx Europe Crossover index widened ~4.4bps to