LEVFIN SNAPSHOT: Thyssenkrupp Bonds Leap on Liberty Steel Bid
2020-10-16 12:30:59.345 GMT

By Libby Cherry
(Bloomberg) — Bonds from Thyssenkrupp AG made their
biggest gain since June, according to data compiled by
Bloomberg, after Liberty Steel said it made a non-binding
indicative offer for the company’s steel business Friday.
* The co’s EU600m bonds due in Feb. 2025 rose as much as 1.3
cents on the euro to 94.6
** Thyssenkrupp has been looking to buyers or partners for its
steel unit as part of its streamlining effort
** NOTE: June 11, Goldman Readies Debt Sale for Europe’s Largest
LBO in Decade
* Bonds from Lowell Holding edged 0.1 cents lower, after rising
as much as 1.1 cents on the euro Thursday on a “resilient”
preliminary Q3/20 trading update
** EU230m bonds due in Nov. 2023 quoted at 85.7 cents
** Cash Ebitda increased 9% for LTM Q3/20, leverage improved to
4.6x
** Recovery prospects nonetheless are sensitive to drivers such
as collection cost and valuation assumptions for credit
management services, according to analysts from Lucror Analytics
in an emailed note to clients
* EU750m bonds due in Jan. 2025 from CMA CGM fell 0.5 cents on
the euro to 92.4
** The shipping firm priced a new EU525m bond to yield 8% on
Thursday
** “We believe that investors could show that they have regained
some pricing power against once-struggling issuers,” wrote
analysts at Spread Research in an emailed note to clients
written prior to pricing but distributed Friday