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Apcoa Group : We are initiating coverage with a Buy recommendation.
APCOA announced yesterday the successful pricing of its € 685m senior secured bond issue in two tranches: - .€ 300m fixed rate 6.5NC2 with a coupon of 6% (vs. an IPT of 6.5-6.75% and a price talk of 6.25-6.5%). This is in line with our fair price of at least 6%. - .€ 385m FRN 6.5NC1 with a coupon of E+412.5bps and an issue price of 100% (vs an IPT and price talk of E+425-450bps/price 100%). This compares to our fair price of at least E+400bps - >Credit Opinion - We initi...
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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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