Rexel : Nous initions les nouvelles obligations à l’Achat
Rexel a placé son nouvel emprunt obligataire senior unsecured de 400 m EUR de maturité 2030 NC2 au taux de 4,00%. L’IPT avait été annoncé à 4.25% et le price talk à 4% (+/- 12.5 bp). L’obligation a été notée Ba1/BB+. Dans notre note publiée hier, nous avions conseillé de souscrire à partir de 3,75%, alors que la moyenne des rendements d’une émission notée BB+ sur 5 ans sur le marché secondaire est de 3,5%. Le taux de 4% offre notamment un pick up de 80 bp sur Nexans 2030 et de 50 bp sur Spie 2030. Nous initions les nouvelles obligations à l’Achat.Rexel distributes low and ultra-low voltage electrical products to contractors, industrial and commercial customers (industrial and commercial companies, municipalities, public entities, parts manufacturers and panel builders). Its products are used for new installations, or maintenance & repair of existing installations. Its products covers Electrical Installation Equipment, Conduits and Cables, Lighting, Security & Communication, Climate Control, Tools, White & Brown Products. Co. also offers services to its customers, such as logistics & distribution, technical assistance & training. Co. operates mainly in four geographical areas: Europe, North America, Asia-Pacific and Latin America.
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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