Lufthansa : Starting coverage of the new hybrid with a Buy recommendation
Lufthansa has successfully priced its new 30NC6 bond at par, offering a yield of 5.25%. This compares to the IPT of 5.75% area, and guidance of 5.375% area. The pricing is in line with our fair value of 5.25%, which provides investor with a premium of around 170bps over the existing senior notes. We are therefore starting the coverage of the new hybrid with a Buy recommendation.Deutsche Lufthansa is an aviation group based in Germany. Co. maintains global operations and a total of more than 500 subsidiaries and associated companies. Co. operates in five major business segments: scheduled passenger air traffic ("Passenger Airline Group"); scheduled airfreight services ("Logistics"); maintenance, repair and overhaul ("MRO"); information technology ("IT Services") and catering ("Catering").
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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