Report
CMC di Ravenna : Another Italian bites the dust
CMC di Ravenna's bonds started their descent in February, hit by a troubled political backdrop in Italy, Astaldi's woes and its own contrasted set of results. The sell-off accelerated this month as the 2023 notes hit a 48% low after a dismal Q2 performance They have since rebounded to trade at 57.8%, a distressed level that incorporates a high risk of default and low recovery forecasts (in line with previous restructurings in the sector). We remain constructive on CMC owing to it...
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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.
Maxime Kogge
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