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Viridien : New bond priced in line with our fair value
Viridien has successfully priced its $ 950m-equivalent bond offering split between a $ 450m tranche (vs $ 475m before) and a € 475m tranche (i.e. $ 500m vs $ 475m before). The USD bonds were priced at a yield of 10% to par, tighter than both the IPTs of 10.25-10.5% and guidance of 10.25% area. On the other hand, the EUR bonds priced at a par to yield of 8.5%, also tighter than its IPTs (8.75-9%) and guidance (8.75% area). This is in line with our fair price of 8.5%. We are, therefore, initiating coverage of the new 2030 bond with a Buy recommendation.See our latest report on Viridien here
Underlying
VIRIDIEN
Provider
Oddo BHF
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.
Mateo Salcedo
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