08 April 2014 by HCM
The credit market closed almost unchanged on most indices, even though the range was 3bps on iTraxx Main and 10bps on iTraxx Crossover. This grapple shows that winners balanced losers and most investment grade names were little changed. The notable exceptions were names in the news: SUEDZU (Suedzucker Mannheim Ochsenfurt AG) spooked investors with a profit warning and slashed EBITDA estimates for 2015 on the back of increasing competition and rising inventories, while BOUY (Bouygues SA) was rewarded for considering the sale of their Telecom unit to Illiad. HOLZSW (Holcim Ltdtion) is still stubbornly refusing to go wider, as Moody’s said the merged entity with Lafarge would be in investment grade territory, forcing more shorts out of their position.