Published On: July 16th, 2021Categories:

With mass vaccinations and the lifting of travel restrictions, the European luxury resort market is taking off again. Sani Ikos enjoys a niche positioning in the lodging business with five star luxury properties in the Mediterranean. While the financial profile remains pressured by high leverage, the group owns high quality assets, enjoys a strong business model, and has a strong commitment to current shareholders to support the business. For high yield investors only, aware of the risks embedded in such an instrument, we suggest buying the new €5.625% 2026 callable in July 2023 (XS2367107856), issued at Par (Swap+590bps). 

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