Altarea : We are initiating the new bonds with a Neutral recommendation
Altarea today placed € 300m of new senior bonds due October-2031 (7NC) at a price of MS+325 (vs IPT of MS+340-350), representing an issue yield of 5.5%. The issue was very slightly oversubscribed (1.9x the size offered). It will enable the group to strengthen its liquidity (following the redemption of the € 255m bonds last July), which already comfortably covers its needs until early 2028. - >Stable credit opinion - We confirm our Stable credit opinion on the issue...Altarea Cogedim is a real estate investment trust and development company. Co. is an active operator in the three main segments — retail, residential & office-hotels property — with the ability to design, develop, market & manage custom-tailored real estate products. In the Retail segment, Co. is active in real estate investment, development, asset management, providing services to third-party customers. In the Residential segment, Co. is a residential property developer. In the Office Property segment, Co. is a global operator active in all commercial property formats: high-rise buildings, business districts, corporate headquarters, renovation projects, green districts & luxury hotels.
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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