Spread Research in the news


LEVFIN SNAPSHOT: Europcar Rises; Gaming Firm Bonds Fall on Virus – Bloomberg

[...]** “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[...]


Debt Collector Lowell Plans to Raise $2.9 Billion to Repay Bonds – Bloomberg

[...]“The market was expecting a refinancing of the maturities but not such a significant equity contribution from the sponsor,” said Benjamin Sabahi, head of credit research at Spread Research in Lyon, France. “This is a game changer not only for Lowell but also for the whole industry.”[...]


LEVFIN SNAPSHOT: Tereos, Rolls-Royce Climb on New Bond Offerings – Bloomberg

[...]** “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[...]


LEVFIN SNAPSHOT: Dufry, Nexi, K+S Bonds Gain on Deals – Bloomberg

[...] “We see this agreement ( with Alibaba) as positive as it will allow Dufry to expand its presence in China’s travel retail market while enhancing its digitalization strategy”: analysts at Spread Research said [...]


LEVFIN SNAPSHOT: TAP Tumbles, William Hill Rallies Further – Bloomberg

[...]* 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 ** 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 [...}]


LEVFIN SNAPSHOT: Thyssenkrupp Elevator Gains on Earnings – Bloomberg

[...]Co.’s earnings were “better than expected” according to Spread Research credit analyst Joan Sehim, following a strong recovery in June [...]


New Covid Curfew Another Setback for U.K’s Indebted Pub Sector – Bloomberg

[...] “The leverage is going to keep on increasing, so I am quite negative on the company (Stonegate),” Nicholas Campello, a credit analyst at Spread Research in Lyon, said.


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

[...]El Corte Ingles SA’s senior unsecured bond may come to market this week. Nevertheless with Madrid under lockdown due to mounting Covid-19 cases, its pricing may be affected, according to analysts at Spread Research [...]


LEVFIN SNAPSHOT: Tourism-Linked Bonds Decline on Covid Curbs – Bloomberg

[...]Opening of physical gaming activities in Argentina, a market that previously accounted for as much as a quarter of the Spanish firm’s revenues and Ebitda, “seems unlikely in the short-term,” analysts at Spread Research said in an emailed note to clients [...]


LEVFIN SNAPSHOT: Casino Guichard Bonds Gain, Codere Declines – Bloomberg

[...]Concern about a rising coronavirus toll in key markets for the Spanish gaming firm such as Argentina may explain the decline, Joan Sehim, a credit analyst at Spread Research, said [...]


DIY Chain Keeps ‘Aggressive’ Terms on Upsized Debt After Rally – Bloomberg

[...]“These will be remembered as the iconic notes of the Covid-19 crisis as the DIY retailer managed to refinance at a lower coupon a bond which was once trading below 50 at the heart of the crisis,” Spread Research analysts [...]


Maxeda Takes Chance to Refinance Debt After Earnings Impress – Bloomberg

[...] While refinancing the 2022 bonds will help Maxeda to extend its maturities, the firm’s sustained strong performance may give rating agencies other reasons to upgrade its debt, according to Maxime Guionie, a credit analyst at Spread Research based in Lyon, France. [...]