Oddo BHF - Banque : AT1, tour dâ€™horizon des Ã©volutions et des risques pour 2020

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Oddo BHF

Carine Maciol

Banque : AT1, tour dâ€™horizon des Ã©volutions et des risques pour 2020

AprÃ¨s la performance de 2019, le segment des AT1 est-il toujours aussi attractifÂ ? - Si lâ€™on part du postulat que le marchÃ© du crÃ©dit reste sur sa lancÃ©e en 2020, nous nâ€™avons aucune raison de penser que les AT1 sous-performeront. Pour 2020, techniquement (Ã©missions brutes Ã©quivalentes aux annÃ©es prÃ©cÃ©dentes et nettes infÃ©rieures) et fondamentalement (qualitÃ© de crÃ©dit stable), tout laisse Ã penser que la performance devrait se poursuivre, avec une moindre ampleur certes Ã©tant do...

05/02/2020 17 FR

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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.

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Analysts

Carine Maciol

Other Reports from Oddo BHF

Pierre François Merveille

Pierre François Merveille

SES : New benchmark bond issue to replace the Intelsat bridge facility

SES is taking advantage of favorable market conditions to offer 5-year and 8-year of benchmark senior notes. The bond issue will help to fully address the long-term funding of the $ 4.6bn (€ 4.2bn) Intelsat acquisition, by replacing in all or in part the € 1.07bn bridge loan that was raised prior to the deal (closing expected in H2 2025). Based on the existing curve, we would derive yields of c. 3.9% on the new 5-year notes and 4.5% on the new 8-year notes. Given the risk entailed with the Intelsat acquisition and the competitive environment, we would add a 30 premium on top and recommend subs...

1h / 42m 1h / 42m 1 FR

Pierre François Merveille

Pierre François Merveille

SES : New benchmark bond issue to replace the Intelsat bridge facility

1h / 42m 1h / 42m 1 EN

Carole Braudeau

Carole Braudeau

Credit Morning 06/17/2025

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Banque : AT1, tour dâ€™horizon des Ã©volutions et des risques pour 2020

SES : New benchmark bond issue to replace the Intelsat bridge facility

SES : New benchmark bond issue to replace the Intelsat bridge facility

Credit Morning 06/17/2025

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