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Abertis : Abertis: Back into the EUR hybrid bond market
Abertis just issued a new € 750m PerpNC29 bond to partially redeem its existing 3.248% PerpNC25 bond with an amount outstanding of € 1,250m. The new hybrid was priced at 4.875% (compared to IPTs of 5.375% area and guidance of 4.875-5%), implying a spread premium of around 160bps over the existing senior bonds. With the pricing of the new hybrids being in line with our fair value, we start the coverage of the new hybrid with a Buy recommendation. - > - - §...
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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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