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But : A much-deserved return to favour
In our view, the 4.25% 2028 MOBLUX notes offered the best risk-reward trade-off in the sector. After a spread widening in line with the single-B universe in 2022, they strangely did not benefit from the general catch-up in January 2023, probably hurt by Fnac-Darty's cash-flow warning. The rating upgrade to 'B+' by S&P on 1 February, followed by a highly reassuring Q2 earnings release quickly bucked the trend, with the notes gaining more than 7 pts since the beginning of the month...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Anne-Barbara Nicco
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