Swissport : Liquidity better than expected but caution on the passenger traffic trend

>We revise our recommendation to Reduce (vs. Buy) on eDreams Odigeo - We recommend to take profit and adopt a more cautious view on eDreams (EDRSM) ’s 5.5% secured notes due 2023 (Caa1/B-, Ytw of 11.7%, z+1219 bp) given 1/ the uncertain outlook for the coming months because of rising Covid-19 infection rates and quarantine measures, 2/ the strong rally of the bond since March and 3/ the persisting high leverage levels. The bond price hit a bottom of 48% in late Marc...