Mundys : A long but stable road

Mundys benefits from predictable cashflows as concessions have long-term durations. Growth is expected going forward supported by the strong pipeline and favorable regulatory environment with continued tariff increases normally above CPI levels. We forecast a steady free cashflow generation going forward albeit any significant M&A to increase the overall portfolio life may limit deleverage prospects. - >Support factors - - Mundys is a global leading infrastructure g...

Mundys (ex Atlantia) : A long but stable road

Mundys benefits from predictable cashflows as concessions have long-term durations. Growth is expected going forward supported by the strong pipeline and favorable regulatory environment with continued tariff increases normally above CPI levels. We forecast a steady free cashflow generation going forward albeit any significant M&A to increase the overall portfolio life may limit deleverage prospects. - >Support factors - - Mundys is a global leading infrastructure g...

ODDO : Catch me if you can!

>Bruno Le Maire’s dream comes true briefly - The government published the 2024 budget bill at 7pm yesterday. It proposes a tax on ‘long-distance transport infrastructure’. Article 15 includes from 1 January 2024 a new tax on infrastructures, under the following terms: 1/ operating revenues of over € 120m, 2/ a profitability threshold on net income of over 10% on average over seven years. It is based on a fraction of revenues exceeding € 120m for a fixed rate of 4.6% o...

thyssenkrupp : Moving ahead on the planned spin-off of TKMS

Sogecap : Issuance Focus

Sogécap is tapping the market for its third bond issue in 18 months. This time, it is an inaugural RT1 PNC35 issue, rated 'BBB-'. Proceeds from the issue will be used to refinance the € 800m legacy perp callable 02/2026, for which the insurer is offering a 101.1% buyback offer until 7 July.

Sogecap : Focus Emission

Sogecap revient pour la troisième fois en l’espace de 18 mois pour une émission obligataire. Il s’agit cette fois d’une émission inaugurale de RT1 PNC35, notée BBB-. L’objectif est de refinancer le legacy Perp callable 02/2026 de 800 m EUR, sur lequel l’assureur propose une offre de rachat à 101.1% jusqu’au 7 juillet.