Report
Delphine Chauvin

Bel : Issuance Focus

Bel group has launched the placement of a € 300m to € 500m bond maturing in 2029 (five years), which will be used in particular to begin refinancing the schuldshein maturities scheduled to start next year. We are adopting a Stable credit opinion. Overall, we have no major concerns about the group's financial position. Management has always demonstrated cautious approach, and current credit ratios reflect a moderately leveraged financial position (a net debt/EBITDA ratio of 2...
Underlying
Bel SA

Fromageries Bel specializes in the manufacture and sale of cheese products. Co. produces brand name cheese for retailing of for catering. Co. sells two types of cheese: processed cheese and "fresh cheese". Most of Co.'s cheese products are sold in portions. These products are marketed under the brands Lavachequirit®, Mini Babybel®, Kiri® , Leerdammer® and Boursin®.

Provider
Oddo BHF
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.

Analysts
Delphine Chauvin

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