Alain Afflelou : Defensively positioned to face the trough and the new world post-Covid 19

Overall, the two bonds had until recently performed well thanks to a continuous improvement in operating performance and credit ratios. They logically plunged from early March as concerns about the coronavirus spread. Compared with the low point of 68% (mid) reached on 30 March, the bonds rebounded and are now trading at around 85% (mid), corresponding to still high yields of 9%. - Spreads remain attractive in our view. Afflelou now has clear prospects for reopening of stores with ...