Today we will look at two corporate debt securities as investment ideas for this week: Unifin Financiera and Credit Bank of Moscow
In the segment of high-yield securities we will pay attention to the Eurobond of the Mexican company Unifin Financiera. The issuer is a leading independent Mexican leasing company specializing in three main areas: operating vehicle leasing, factoring and auto and other types of loans. The headquarters is in Mexico City, the company employs 400 people.
As of March 31, 1919, the issuer's revenue for the last 12 months amounted to $ 882 million, net profit was fixed at $ 99 million. S&P and Fitch hold a BB rating for the company and its liabilities (with "negative" and "stable" forecasts, respectively). Unifin Financiera shares are traded on the Mexican stock exchange with a market capitalization of $ 0.8 billion.
The senior unsecured Eurobond in the amount of $ 300 million was placed in February 2018. There are 3 calls on the issue, the profitability of the nearest one (February 12, 2022 at a price of 103.688%) is 11.3%.
Last week, Fitch raised the long-term issuer default ratings of the Credit Bank of Moscow from BB- to BB. Rating outlook is stable. Fitch notes that the increase in the Credit Bank of Moscow rating mainly reflects a significant reduction in the volume of high-risk assets over the past two years due to reorganization, sales and an increase in risk reserves.
Joint Managing Director
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