HALISTER1: Sisal’s New Issue Premium Looks Higher Than Warranted: Lucror

Sisal’s New Issue Premium Looks Higher Than Warranted: Lucror

(Bloomberg) -- Guidance on Sisal’s EU725m notes suggests investors are demanding a higher-than-warranted new issue premium from a well-known and repeat HY issuer, possibly due to the Brexit vote, Lucror analysts write in a client note.
  • Current pricing is attractive and Lucror recommends participating in the notes offering
  • Likes the company’s track record, moderate product diversification, stable financial performance and solid cash-flow generation
  • CVC’s equity cheque is of a reasonable size and has led to reduced leverage
  • Don’t rule out further new issues before summer lull should Sisal successfully place its deal
  • NOTE: Books on the dual-tranche deal due to close at 10:30am London time today
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0306876D LX (CVC Capital Partners SICAV-FIS SA)
0812889D LX (Gaming Invest SARL)

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