Thom Group : True Gold Fears No Fire

The Goldstory 6.75% 2030 notes have been fairly choppy since early October, significantly underperforming the single B universe, which is unusual. They were impacted by both the First Brand affair (general repercussions on the high yield market) and the group's business exposure to France (political instability). Despite the tightening that began last week, the yield is still attractive at 4.6% ask over just over two years in the event of a call on 1 February 2027 (second date), our base case scenario. Raising our recommendation to Buy on the 6.75% 2030 notes.