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Avis (Snr unsecured; B1, BB-; S)

TRANSPORTATION
  • Its tapping its €400m 30s with another €200m private issuance.
  • We have no firm view on the co - apparently markets do - its come in 90-100bps though some of that is reversion back in from wides (from poor FY23 results earlier this year & recent Hertz earnings/sentiment).
  • Our lack of a firm view is mainly on the co's debt unfriendly choices; more than happy to stay levered (even during high rates), tapping primary recently while paying out to equity holders excess cash flows - earnings call last month didn't seem to indicate a change to that.

Earnings notes: https://marketnews.com/avis-snr-unsecured-b1-bb-s-... & https://marketnews.com/avis-snr-unsecured-b1-bb-s-...

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