European Morning Credit: Today in European Credit

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European Morning Credit: Today in European Credit

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European Morning Credit

Today in European Credit

Financials 07 July 2026

Money In The Bank: We think some Iberian bank spreads still look cheap vs core Credit

Europe. Top OWs Bankinter (SNP 34s) and CaixaBank (SNP 37). We have become more Europe

comfortable with Abanca, Unicaja fundamentals but new issues look expensive. Still European Credit Rsch Grp

cautious on Cajamar. See Cajamar's 9.9% stake sale to Credit Agricole as credit neutral. BofASE (France)

Less constructive on Sabadell after recent performance. See: Iberian Insights: new See Team Page for List of Analysts

issues, new opportunities (KL)

Retail

Picard Groupe S.A.S. (PICSUR): We highlight snippets from Picard's €775m FRN new Exhibit 1: Just published

issue. We view: 1) vendor loan repayment tantamount to dividend 2) refi timing driven by Recent publications from European Credit

call schedule & 2H27 is likely the next refi window, 3) issuing entity reflects corporate Research

simplification 4) current trading is decent, 5) small RCF from two lead banks on the bond

Money In The Bank

deal. See: Snippets from refi announcement (MX) Iberian Insights: new issues, new opportunities

Katharine Lennon

Autos

Renault (RENAUL): BYD reportedly approached Renault twice over the past two years Picard Groupe S.A.S

about acquiring a stake in the French automaker, according to reports from Bloomberg Snippets from refi announcement

Mark Xu, CFA

and Les Echos. (SV)

Continental AG (CONGR): The business announced a sale of its Contitech Group to Source: BofA Global Research

BofA GLOBAL RESEARCH

Lone Star Funds. Conti had previously announced its intention to sell the business in

April 2025. The parties agreed to an enterprise value of €4.0bn, plus potential