Pfleiderer - comment

Conference calls without a Q&A session rarely make it easier for creditors, although it won’t change bond trading from here. Pfleiderer underperformed our expectations, but not existentially. This name is now less about where exactly performance settled in the nadir of the restructuring, but more about how steep the recovery is as Germany is loosening regulatory red tape around the development and construction of residential housing, typically a core driver of Pfleiderer.