Ceconomy : Ceconomy’s bonds are unattractive
Ceconomy finally came to market to address its 2026 bond maturity in a pro-active manner, albeit investors we spoke to were unhappy with the below par tender. - We said already in our communications that we deem the final coupon as too low. The current yield of 6.2% is not attractive in light of other investment alternatives in the wider retail space. - EUR 143.7m of the 2026 notes will remain outstanding – for the time being – making the instrument an illiquid paper at a low yield...Metro is a holding company. Through its subsidiaries, Co. is engaged in retail and wholesale. Co.'s operations are divided into four divisions: Metro Cash & Carry, Real, Media-Saturn and Galeria Kaufhof. The Metro Cash & Carry division operates in the cash and carry sector in Europe, Asia and Africa. The Real division is a hypermarket operator in Germany where it operates both stationary stores and an online store. The Media-Saturn division provides an assortment of brand products in consumer electronics retailing. The Galeria Kaufhof division operates department stores in Germany and Belgium. Co. is also a property manager through METRO PROPERTIES GmbH & Co. KG.
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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