ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 09/02/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/09/2025

Rexel : New bond offering

Rexel announced this morning its intention to issue € 400m of senior unsecured bonds maturing in 2030, callable from September 2027 (5NC2). Proceeds from the issue will be used for general corporate purposes and will enable it to improve the financial structure by extending the maturity of its debt on favourable financing terms. The IPT was announced at 4.25% prior to a price talk at 4% (+/- 12.5bp), which remains attractive. The average yield on a BB+ five-year issue on the secondary market is 3.5%.

Rexel : Nouvelle émission obligataire

Rexel a annoncé ce matin son intention de procéder à l’émission d’obligations senior unsecured de 400 m EUR de maturité 2030 callable à partir de septembre 2027 (5NC2). Le produit de l’émission sera affecté aux besoins généraux et permettra d’améliorer la structure financière en allongeant la maturité de sa dette à des conditions de financement favorables. L’IPT a été annoncé à 4,25% avant un price talk à 4% (+/- 12,5 bp), ce qui reste attractif. Le rendement moyen d’une émission BB+ sur 5 ans sur le marché secondaire est en effet de 3,5%.

Credit recommendations - September 2025