Report
Cirsa : Issuance Focus
Cirsa is returning to primary market to issue € 650m split between 1/ min € 350m of new fixed-rate senior secured notes due 2029 (5NC2) and, 2/ a tap of the existing € 325m E+450 secured FRNs due 2028, which were issued at 98% in July 2023 (i.e. yield of 8.6% at issuance) and which are currently trading at 101.7%. Proceeds are earmarked to refinance the € 390m 4.75% SSNs due May-2025 at par (12 months before their maturity, as expected), repay € 200m at par under the € 506m 7.25%...
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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.
Joan Sehim
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