Coface : Agility you can count on in today's increasingly unpredictable landscape

Credit insurance is closely correlated with business activity and global growth, and will therefore be impacted by the repercussions of this new phase of war and the attendant international crisis. Even so, we reiterate our credit opinion and Buy recommendation on Coface bonds. Indeed, the credit insurer amply demonstrated its agility in managing covered risks, both at the start of the war in Ukraine and during the covid crisis. In addition, FY 2025 results confirm the group's conservative underwriting and management of its invested portfolio and its recurring operating profitability. The strategy of diversifying the client offering towards products that are synergistic with credit insurance, pursued during a challenging period in the cycle, lays the foundations for future growth. Solvency is adequate and sustainable thanks to manageable sensitivity, a buffer equating to one year's profit and RT1 issuance capacity. In view of this credit quality, the scarcity of the issuer on the market, which offers investors diversification and a yield of over 4% on IG-rated 2032/2033 maturities, we reiterate our Buy recommendation.