Wind Tre - Notes are down, good opportunity to Buy ?
Context:
Back in October, Wind Tre refinanced its whole capital structure. Since then, the spreads of all notes have significantly widened. 2023 and 2025 notes are trading now 8 and 10 points respectively below their peaks of 101 and 100.5, reached on November 6th 2017. They were marketed in a bullish market after very encouraging Wind Tre
1H17 results. In addition, c.30% of the c.10bn worth of notes were refinanced with a term loan, creating an unbalanced demand/offer mix playing against bondholders in the pricing negotiation. Consequently notes were priced tight while just after the refinancing Wind Tre posted weak results that were well below market expectations.
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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