Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Axactor, Cirsa, Cheplapharm, Stada, Forvia (formerly Faurecia), Clarios, Teva, Tereos

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: PeopleCert, Stada, Kiloutou, Loxam, CeramTec, Progroup, Playtech, Tele Columbus, CBR Fashion, Best Secret (Schustermann & Borenstein), Grunenthal, Novafives, Intrum, Profine, Flos B&B Italia (formerly International Design Group), Odido, Multiversity, Paprec Group, Cheplapharm, Engineering Group, Itelyum Group, Motel One, Tereos, Iberconsa, Stena AB, Mooney (formerly SisalPay)

Europe HY Trade Book - May 2025 - Lucror Analytics

The Europe HY Trade Book for May 2025 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. We also discuss the US tariff situation and key related impacts.

Stada Arzneimittel : Stada places new SSNs, we adopt Buy recommendatio...

Stada priced its offering of EUR 570m 5.375% Senior Secured Notes due 2030 (ISIN: XS3067482896) and EUR 570m Senior Secured Floating Rate Notes due 2030 (ISIN: XS3067483787). The Fixed Rate Senior Secured Notes were priced at 100.000%. The Floating Rate Senior Secured Notes bear interest at a rate of three-month EURIBOR (subject to a 0.0% floor) + 3.75% per annum and were priced at 100.000%. We adopt Buy recommendations on the two new SSNs. We believe in the IPO scenario and as such Stada could...

Stada Arzneimittel : Stada places new SSNs, we adopt Buy recommendatio...

Stada priced its offering of EUR 570m 5.375% Senior Secured Notes due 2030 (ISIN: XS3067482896) and EUR 570m Senior Secured Floating Rate Notes due 2030 (ISIN: XS3067483787). The Fixed Rate Senior Secured Notes were priced at 100.000%. The Floating Rate Senior Secured Notes bear interest at a rate of three-month EURIBOR (subject to a 0.0% floor) + 3.75% per annum and were priced at 100.000%. We adopt Buy recommendations on the two new SSNs. We believe in the IPO scenario and as such Stada could...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Neopharmed, PureGym, Rexel, Flos B&B Italia (formerly International Design Group), David Lloyd Leisure, Odido, Liberty Global, Infopro Digital, Eircom, Tele Columbus, McLaren, Nexans, Fedrigoni, Stada, Grupo Antolin, Cerba, Klockner Pentaplast, Cheplapharm, Crown Holdings, Motel One, Stena AB, Casino Guichard-Perrachon

Stada Arzneimittel : IPO will come at the end; we would subscribe to t...

Stada is in the market to refinance the 2026 bond and is separately addressing the maturity of the GBP term loan – both to 2030. The RCF will be simultaneously extended eventually to 2028. As a result, the entire cap structure (except the RCF) matures in 2030. This concentration risk will not be relevant, we think, because the owners are still pursuing their exit strategy via an IPO in 2025, resulting in an overhaul of the entire cap structure. We see the IPO scenario as positive as it leaves a ...

Stada Arzneimittel : IPO will come at the end; we would subscribe to t...

Stada is in the market to refinance the 2026 bond and is separately addressing the maturity of the GBP term loan – both to 2030. The RCF will be simultaneously extended eventually to 2028. As a result, the entire cap structure (except the RCF) matures in 2030. This concentration risk will not be relevant, we think, because the owners are still pursuing their exit strategy via an IPO in 2025, resulting in an overhaul of the entire cap structure. We see the IPO scenario as positive as it leaves a ...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Eircom, Tele Columbus, Stada, Ahlstrom, AMS Osram, Aston Martin, Axactor, Constellium, Lowell, Vallourec, Versuni (formerly Philips Domestic Appliances), CEMEX, Engineering Group, Infopro Digital, Ineos, Motel One, Cerba, Polynt, Standard Profil, Air France-KLM, Crown Holdings, Recordati

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Arxada, Novafives, McLaren, House of HR, Ahlstrom, Stada, Ineos Quattro, Vedanta Resources, Ineos

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Altice International, EVOCA, Recordati, International Personal Finance, Stada, Victoria, Intrum, Nexans

Stada - ESG Report - Lucror Analytics

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Kantar, Neopharmed, Bombardier, Hapag-Lloyd, CEMEX, Stada, Tullow Oil

European High Yield Investment Outlook 2025 - Lucror Analytics

In this publication, we review the past year and discuss our outlook for the next 12 months. We begin our discussion with the macro factors at play, including GDP forecasts, the geopolitical landscape and our expectations for cost inflation. We also trace the development of primary markets in the European HY space, and give our view on defaults in general as well as for our coverage universe. We then discuss sector trends and expectations, along with earnings development for companies under our ...

Stada Arzneimittel : Call risk in light of apparent IPO scenario; bett...

Stada Arzneimittel AG (Stada) owners Bain and Cinven are in the process of IPOing Stada instead of seeking a sale to Private Equity. The talks with US Private Equity firm GTCR became more difficult over the last months as the parties have reportedly different valuation targets. Since then, the owners have invited some investment banks to pursue an IPO plan in the dual track process. In January 2025 it was reported that former Bayer manager and current Novo Nordisk board member Andreas Fibig woul...

Stada Arzneimittel : Call risk in light of apparent IPO scenario; bett...

Stada Arzneimittel AG (Stada) owners Bain and Cinven are in the process of IPOing Stada instead of seeking a sale to Private Equity. The talks with US Private Equity firm GTCR became more difficult over the last months as the parties have reportedly different valuation targets. Since then, the owners have invited some investment banks to pursue an IPO plan in the dual track process. In January 2025 it was reported that former Bayer manager and current Novo Nordisk board member Andreas Fibig woul...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: TGS ASA, SIG plc, Stada, Kiloutou, Hapag-Lloyd, Oriflame

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Huhtamaki, Vallourec, Novelis, Victoria, Odido, Kiloutou, Intrum, Stada, Tata Motors, Ardagh, Mahle, Polynt, Clarios, Tereos, Lottomatica (formerly Gamenet)

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Altice France (SFR), Virgin Media O2, Stada, TUI

Europe HY Trade Book - December 2024 - Lucror Analytics

The Europe HY Trade Book for December 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.