LEVFIN SNAPSHOT: Europcar Rises; Gaming Firm Bonds Fall on Virus
2020-10-26 13:43:28.318 GMT
By Libby Cherry
(Bloomberg) — Bonds issued by car rental company Europcar
rose to the highest price in a month, according to data compiled
by Bloomberg, after releasing positive adjusted Ebitda for 3Q in
results posted Monday.
* Co.’s EU600m bonds due Nov. 2024 rose 3.3 cents on the euro to
47.1
** 3Q adjusted corporate Ebitda at EU54m; EU247m in 2019
** 3Q revenue fell 50% on 2019 to EU537m on a proforma basis
* Bonds from casino operator Cirsa and gaming industry supplier
IGT fall after Spain and Italy announced new lockdown measures
over the weekend, with the latter seeing gambling venues close
until Nov. 24
** Cirsa’s EU416m bonds due Oct. 2025 decline 1.4 cents on the
euro to 75.5 cents, the lowest since early Sept
** IGT’s EU750m bonds due June 2026 also drop 1 cent on the euro
to 97.5 cents
** “Cirsa is particularly affected by recent new measures in
Spain,” said Spread Research credit analyst Joan Sehim in an
emailed statement; IGT more impacted by Italian restrictions
* Corestate Capital’s EU300m notes due April 2023 tick down 1.5
cents on the euro to 81.7
* The Markit iTraxx Europe Crossover index widened ~6.6bps to
~336.6bps