Report
BPCE Assurances : Initiating coverage on the new bonds with a Buy recommendation
BPCE Assurances has successfully placed its two inaugural subordinated bonds.The RT1 callable in April 2032 was announced with an IPT of 6.25% and placed at 5.75% (reset 342bp). The book was heavily oversubscribed, exceeding € 3.3bn for an outstanding amount of € 280m.
The Tier 2 2035 green bond was announced at an IPT of MS+200bp and placed at MS+165bp, with an order book of over € 4.2bn for a € 400m issue.
In our report published yesterday, we recommended subscribing to the RT1 from 5.6% and to the Tier 2 from MS+160bp, in view of the yields on comparable bonds. We are therefore initiating coverage on the two new bonds with a Buy recommendation. This recommendation is in line with those on BPCE bonds, including our top pick, the Tier 2 RAC 2046/31.
Provider
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.
Carine Maciol
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