Report
Cirsa : Focus Emission
Two years after its last foray into bond markets, Cirsa is back with another sizeable bond offering of € 1.56bn as part of its acquisition by Blackstone. We think that its credit risk profile has considerably improved with the carve-out of Argentina, a country fraught with regulatory and foreign exchange risk, and with a more predictable shareholder than Manuel Lao. The latter was instrumental in Cirsa's expansion but also had a chequered history in compliance and legal matters. ...
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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.
Maxime Kogge
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