LEVFIN SNAPSHOT: WeBuild Notes Gain On Refinancing, Tender Offer
2020-12-01 15:09:26.114 GMT
By Libby Cherry
(Bloomberg) — Bonds issued by Webuild reached their
highest price since January, according to data compiled by
Bloomberg, after the Italian construction company said it was
holding investor calls for a new five-year note on Tuesday.
* Co’s EU500m bonds due October 2024 ticked up as much as 1.1
cents on the euro to 95.5
** Proceeds of the new bond would be used at least in part to
buy back the existing 2021 notes, which the company is tendering
** The co. also saw full-year normalized revenue for 2020 at
EU5.7b to EU6b; FY21 EU6.5b to EU7.2b: more
* Selecta’s ~EU638m bonds due April 2026 gain 1.8 cents on the
euro to 95.4, the highest price since the co. emerged from
restructuring
** Co. announced 3Q results for the three months ended Sept. 30
on Monday
*** Co. saw “sequential improvement” with revenue reduction of
-29.8% in Q3, -47.3% in Q2 y/y: more
*** Spread Research analysts “expect a continued decrease in
Selecta revenue over the coming quarters, with hopefully some
slightly improved profitability and deleveraging, but we think
it’s a long-term shot”: emailed note to clients on Tuesday
* Codere’s EU500m PIK notes due November 2023 rise 2.6 cents on
the euro to 60.4, extending four days of gains to reach the
highest price since September
* The Markit iTraxx Europe Crossover index tightened ~10bps to
~252.9bps, the lowest value since February 25