高收益包装周报 - 截至2025年7月3日当周

Packaging WeeklyRel Val9ecS Andrew Casella,CFAResearch Analyst+1-212-250-0777Amelia SrebnikResearch Associate+1-212-250-0775Nirav ShahResearch Associate HY Performance TablesFigure 1: Performance Scorecard - BAML ICE Indices, as of 07/03/25High Yield Performance Scorecard (ICE BAML)Yield to WorstTime PeriodHYBBCCCHY Cont.Current7.02%5.85%7.04%12.70%8.01%HOCTIndexreading at beginning of the..Week7.11%5.86%7.15%12.86%8.31%Month7.11%5.86%7.15%12.86%8.31%Quarter7.11%5.86%7.15%12.86%8.31%Year7.47%6.43%7.54%11.87%8.14%AfromcurrentWeek(6)(1)(11)(16)(30)Month(6)(1)(11)(16)(30)Quarter(9)(1)(11)(9L)(30)Year(46)(58)(50)83(13)Source : Deutsche Bank, Bloomberg Finance LP and BAML ICE (HOCT Index)911ecs微信Page 2 Weekly MoversFigure 2: Weekly Movers ($/YTW/OAS), Prices as of 07/03/25WoW Change$ PxWow ^01 7.25 '31 (Sr)101.890.84CANPCK 3.125 '25 (Sr)ITPCN 10 '28 (Sr)91.810.7001 7.25 '31 (Sr)UFS 6.75 '28 (1L)90.650.69ITPCN 10'28 (Sr)CANPCK 3.875 '29 (Sr)92.830.67UFS 6.75 '28 (1L)LABL8.625'31 (1L)85.390.48CANPCK 3.875 '29 (Sr)AMPBEV3.25'28 (1L)94.410.40AMPBEV3.25'28 (1L)GRMPAC 7.125'28 (Sr)99.630.36LABL9.5 *28 (1L)LABL 9.5 '28 (1L)92.570.34LABL 8.625'31 (1L)LABL 5.875 '28 (1L)87.830.28NOVHOL 6.875 '30 (1L)NOVHOL 6.875 '30 (1L)102.690.23LABL 5.875 '28 (1L)CANPCK 3.125 '25 (Sr)99.220.20AMPBEV 6'27 (1L)O1 4.75 '30 (Sr)95.620.16NOVHOL6.625'29 (1L)SLGN 4.125 '28 (Sr)98.310.15SLGN 4.125'28 (Sr)TRIVIU 12.25 '31 (2L)106.760.15TRIVIU 12.25'31 (2L)CCK 5.25 '30 (Sr)101.420.12OI 4.75 '30 (Sr)NOVHOL6.625'29(1L)101.480.09CCK 5.25 '30 (Sr)BALL 2.875 '30 (Sr)90.210.08BALL 2.875 '30 (Sr)AMPBEV 6'27 (1L)100.370.06GRMPAC 7.125 '28 (Sr)BWY 7.875 '26 (1L)100.06(0.02) BWY 9.25 '27 (2L)BWY 9.25 '27 (2L)99.45(0.04)SEE 7.25'31 (Sr)SEE 7.25 '31 (Sr)105.25(0.13)MAGN 7.25'31 (1L)NOVHOL 8.75 '30 (Sr)102.45(0.14) NOVHOL 8.75 '30 (Sr)MAGN 7.25 '31 (1L)94.28(0.16)MAGN 4.75'29 (1L)MAGN 4.75 '29 (1L)88.40(0.24) LABL 10.5 '27 (Sr)LABL 10.5 '27 (Sr)96.41(0.46) LABL 8.25 '29 (Sr)LABL 8.25 '29 (Sr)83.35(0.98) BWY 7.875 '26 (1L)Source : Bloomberg Finance LP and Deutsche BankDeutscheBankSecuritiesInc. Select Packaging EquityPerformance TablesFigure 3: Select Equity Comparables, Prices as of 07/03/25CompanyTickerMkt CapTotal DebtCashNet DebtEVSalesnternational Paper Co$26,411$12,28661,156$37,54$19,901Clearwater Paper Cor$6,645$489$282$727Graphic Packaging Holding Co$4,587$7,279Mean -Boxboard & Folding CartonsMedian - Boxboard & Folding Cartons$1,745Mativ Holdings IncMATV$414$1.186$84$1.10251.597$1.966Mean - Small Cap Paper, Pkg & Specialty PapersArdagh Metal Packaging SA12,622.9Orora Ltd62.1454.631.674Silgan Holdings Inc$6,06364.243,58319NMFVidralaVID SMVerallia SA2.255Median - Metal & Glass Packaging$10,635$14.356on CorpRanpak Holdings Corp$322Sealed Air Corp$4,773$4,511$335$4,176$5.3369.70Figure 4: SPY v. Avg Equity Comps (100 = 12/31/24), Prices as of 07/03/25SPYv. DB Comp Set (2025 YTD Performance)110.0105.0100.095.090.085.080.0/09/25/2506/25G727/2513/25517/255072202SPYCompSetAvg.(1) Comp set includes: AWY, BERY, SEE, IP, PKG, VWRK, CLW, GPK, SON, GLT, GEF, OI, SLGN, ATR, PACKPage 4 Source : Deutsche Bank and Bloomberg Finance LPFigure 8: Select HY Fixed Income Comparables, OAS vs. LTV as of 07/03/25120010008000 600400CANPCK 3.875 °29 (Sr)200CANPCK 3.125 °25 (Sr)0%10%20%Source : Deutsche Bank and Bloomberg Finance LPDeutscheBank Securities Inc Relative Value TablesNote: Highlighted issuers have financials which are subject to a Virtual Data Room and are not available to be publishedFigure 9: Select Fixed Income Comparables - HY Packaging, Prices as of 07/03/25 Appendix 1Important Disclosures*Other information available upon requestDeutsche Bank may have shown incomplete disclosure information in its High Yield industry reports until 19th March 2021If you require any further information please contact DVS.Support@db.com.Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies,For historical recommendations pertaining to a security mentioned in this report, please click hereAnalyst CertificationThis report covers more than one security and was prepared by more than one analyst. The views expressed in this reportaccurately reflect the personal views of each undersigned lead analyst about the subject issuers covered by each, and theproviding a specific recommendation or view in this report. Andrew Casella, Amelia Srebnik.Deutsche Bank debt rating keyBuy: These bonds are expected to outperform other issues inthe sector/industry group over the next three to six-monthperiod.Hold: These bonds are fairly valued currently. If owned, noneedtosell,butweawaitevents/releases/conditionsthatwould make the bond attractive enough for us to upgrade. Inthe interim, the bond will likely perform as well as the averageissue in the sector/industry group.Sell: There exists a significant likelihood that