May 30, 2024 10:36 GMT
Paprec (PAPREC; NR/BB Neg/BB+) Private co
CONSUMER CYCLICALS
- The French waste management/recycling co's outlook has been revised to Negative by on slower than expected deleveraging.
- €27/28s trade tight (in-line with Dufry curve), €29s has steepened aggressively (on Z-spread) - looks like early call priced out on it despite the high cash px (€105.93/yield to worst is pricing to Nov 2026 €101.8 call). We will circle back if we have a view on the name.
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