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Research Detail

2015/12/01 / Erste Group Research

Credit Markets - Corporate Bonds



  • Spreads have been moving sideways over the past two weeks. The decisive factor for the short-term development will be whether the ECB can surprise investors on 3 December.

  • Lenzing: The company reported good figures for 9M 2015. Due to decreasing net debt all credit metrics have improved. 

  • Wienerberger: Debt-payoff period and interest coverage ratio have improved in 9M 2015, gearing and equity ratio stayed on the same level. Due to the good results in 9M 2015 the management confirmed its EBITDA guidance of EUR 375mn for the full year 2015.     

  • EUR Primary Market: Strong issue activity in November with full order books and repeatedly reduced initial price indications brought the EUR primary market a big step closer to the forecasted issue volume of EUR 300bn for 2015. The YTD volume amounts to EUR 298bn.   


Analyst
Peter Kaufmann, CFA
+43 50 100 11183
peter.kaufmann@erstegroup.com


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General information

AuthorErste Group Research
Date2015/12/01
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusEurozone
Currency in focusEuro
Sector in focusChemicals, Construction & Material
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