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Alain Afflelou : Adopting Buy recommendation on newly issued 2029 notes
Afflelou has successfully priced its new € 560m five-year NC2 senior secured bond at par with a 6% coupon (in line with our estimate, see our Special Comment published on 16 July 2024). The IPT had been announced at 6.50-6.75%, the price talk at 6.25-6.50% before a revision to 6.0-6.25%. We are initiating coverage on the new 2029 bonds with a Buy recommendation. - >Credit opinion - Despite a clear annual deleveraging capacity, there's no genuine trigger for an upgrade ...
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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.
Anne-Barbara Nicco
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