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

TRANSPORTATION
  • Priced €200m Tap of the €400m {ZJ635837 Corp} at 100.25 vs. IPT of 100.00a.
  • 30s are -1pt/+25bps this week on the supply, still +2pts/-60bps in from pre-earning wides.
  • No firm view on co from us; company approach to cap. allocation leaves little upside & there was no signs of changes in mgmt approach after earnings 2 weeks ago. Carry there for those willing to take on that risk.

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