Spread Research - SPCM- Credit improvements ahead for 2018 but all is priced

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Spread Research

Benjamin Sabahi

EUR 203.58 For Business Accounts Only

SPCM- Credit improvements ahead for 2018 but all is priced

We cut our recommendation from Underweight to Sell on the SPCM Senior Unsecured 2.875% 2023 at 101.8. The bond is converging with its first call price of 101.438 on June 15, 2018. We believe that management should benefit from supportive market conditions to extend the maturity of its debt by calling the bond in the course of this year as the
credit further improves.

21/03/2018 3 EN

Provider

Spread Research

Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.

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Analysts

Benjamin Sabahi

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SPCM- Credit improvements ahead for 2018 but all is priced

Gamenet 2q18 - sport payout change offsets regulation impact, goldbet to boost profitability

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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