Oddo BHF - Crédit Agricole Assurances : Focus Emission

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Oddo BHF

Carine Maciol

Crédit Agricole Assurances : Focus Emission

Crédit Agricole Assurances a annoncé hier son intention de procéder à sa première émission d’obligations RT1 en Euro. La structure PNC35 devrait bénéficier d’une note BBB chez S&P. Cette opération s’inscrit dans la politique de gestion active du capital de Crédit Agricole Assurances, notamment en anticipation de l’expiration en décembre 2025 des mesures transitoires s’appliquant à certains de ces titres legacy.

11/03/2025 1 FR

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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.

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Analysts

Carine Maciol

Other Reports from Oddo BHF

Carine Maciol

Carine Maciol

Crédit Agricole Assurances : Recommandation Achat sur le nouvel RT1

Crédit Agricole Assurances vient de boucler l’émission de 750 m EUR d’obligations RT1 Perp NC 2035. L’opération a attiré 2.4 mds EUR d’ordres pour un montant émis de 750 m EUR. Le price talk a débuté à 6.5% et a été révisé à la baisse, pour un niveau final de 6.25%. Nous débutons le suivi avec une recommandation Achat sur cet RT1. Nous avions estimé le fair price à ~6%, en ligne avec les émissions récentes de NN Group et Achmea, toutes notées BBB et les AT1 de CASA. Le coupon de 6.25% implique un reset spread de 359 bp. Il est certes inférieur aux 375 bp moyens que nous calculons sur les 6 R...

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Carine Maciol

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Crédit Agricole Assurances : Buy recommendation on the new RT1 bonds

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Viridien : Viridien: Stairway to refinancing

Viridien has launched the long-awaited refinancing of its EUR/USD 2027 bonds through the offering of a $ 950m (evenly split between EUR/USD) 5.5NC2 bonds. The company is experiencing a positive momentum with good E&P capex levels on top of a leaner cost structure following the termination of the Shearwater agreement and cost saving initiatives at the SMO segment. As such, a significant improvement in both EBITDA and FCF is expected going forward. We expect the company’s strategy to continue to prioritize debt reduction going forward, with no shareholder distributions during our forecast period...

14h / 20m 14h / 20m 1 FR

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Crédit Agricole Assurances : Focus Emission

Crédit Agricole Assurances : Recommandation Achat sur le nouvel RT1

Crédit Agricole Assurances : Buy recommendation on the new RT1 bonds

Viridien : Viridien: Stairway to refinancing

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