EU BASIC INDUSTRIES: Huhtamaki: Credit Profile
Aug-28 09:31
(HUHTAM; NR/BBB-/NR)
- Mid-sized global food and essentials packaging producer.
- Revenue 35% NA, 32% Europe, 33% RoW.
- Mainly local for local production.
- 1H25 2.1x reported net leverage. Down from 3.1x in 2021 post M&A. It targets 2-3x.
- S&P had 2.3x adjusted at FY24, 0.3x above reported.
- Targeting 10-12% adj. EBIT margin medium term. 10.1% FY24 multiyear high.
- Capex will be lower than pre 2023 but still above depreciation, targeting selective growth and automation.
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SONIA OPTIONS: More Sonia Call Spread buyers
Jul-29 09:25
- SFIX5 96.60/96.70cs, bought for 0.75 in 5k.
- SFIZ5 96.65/96.75cs, was bought earlier for 0.75 in 10k.
Call spread buyers has been the dominant Sonia Option structures this morning.
ITALY T-BILL AUCTION RESULTS: 6-Month BOT
Jul-29 09:11
| Type | 6-month BOT |
| Maturity | Jan 30, 2026 |
| Amount | E6.5bln |
| Target | E6.5bln |
| Previous | E1.5bln |
| Avg yield | 1.993% |
| Previous | 1.950% |
| Bid-to-cover | 1.48x |
| Previous | 1.64x |
GILT AUCTION RESULTS: Another strong 3-year gilt auction
Jul-29 09:07
- Another strong 3-year gilt auction for the 4.375% Mar-28 gilt.
- The tail of 0.2bp was a little wider than the previous auction's 0.1bp but still very tight while the lowest accepted price (LAP) of 101.057 is higher than any other time of the day (excluding the first 10 minutes of trading).
- The price of the 4.375% Mar-28 gilt is still trading below that of the LAP at the time of writing but is moving higher. Gilt futures have shown little movement despite the strong result.
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