Selecta. Going Long SSNs At 95.375 (7.2% YTW) & Selling 5y CDS At 474bps  Massimiliano Zanetti Bottarelli & Rupesh Tailor, Everest Research, 3 March 2020 We published a deep dive last week on Selecta, the European unattended self-service retail market leader, and now see an attractive opportunity to go long risk via both the Senior Secured Notes (SSNs) and 5 …

OHL. Take Profits Following FY 19 Results James Moylan & Rupesh Tailor, Everest Research, 28 February 2020 FY 19 results saw negative valuation adjustments on key assets we expect to be sold (Old War Office, London) and alternatively monetised (Canelejas, Madrid) and ongoing uncertainty on the ownership structure. Whilst we remain constructive on OHL’s turnaround (of which there were positive …