HALISTER1: Aldesa, Constellium Bonds Among JPMorgan’s Top Trade Ideas

Aldesa, Constellium Bonds Among JPMorgan’s Top Trade Ideas

(Bloomberg) -- Aldesa’s 7.25% April 2021 EUR bonds are among “top trades for yield-hungry investors,” Arun Kumar, analyst at JPMorgan, writes in client note.
  • Aldesa bonds yield ~13%, data compiled by Bloomberg show; JPM target yield 10%
    • Cites co.’s ability to weather sector woes
    • Preliminary 2015 Ebitda of EU49m results in 1.2x leverage vs sector comparable of 3.4x
  • Other top trades include:
    • Constellium 7% Dec. 2023 EUR bonds; yield ~10.9%, JPM target 9%
    • Casino 4.87% perpetual EUR hybrids; current Z-spread 703bps the JPM note says, target Z+550bps
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CSTM US (Constellium NV)
CO FP (Casino Guichard Perrachon SA)
3670867Z SM (Grupo Aldesa SA)

People
Arun Kumar (JPMorgan Chase Bank NA)

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