Report
CMC di Ravenna : Issuance Focus
Cmc di Ravenna (B2/B) is to issue a five-year and three months non-call € 325m bond to refinance the existing € 300m seven-year bond callable at 103.75 since 1 August. The slight upsize corresponds to redemption costs of € 11m, issuance fees of € 4m and general corporate purposes of € 10m. Pricing is expected for today following the Paris investor meeting. The group is highly active on the markets, with a 6.875% issue of € 250m in July that refinanced almost all drawn bank facilities and is currently trading at 105.1 for a YTW of 5.4%. The group currently enjoys fairly buoyant momentum with a strong order book and consistently sturdy margins. Cash generation, historically a weak point, has improved significantly in 2016 and 1H 2017 and the partial settlement of the dispute with ANAS is expected to support a further improvement in credit ratios. We recommend investors to subscribe at a yield of 5.75% or above, representing a 25bp premium to the yield of the existing € 250m bond. >
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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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