Oddo BHF - Credit Recommendations - December 2024

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Oddo BHF

Credit Recommendations - December 2024

03/12/2024 1 EN

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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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Thomas Zlowodzki

Thomas Zlowodzki

Bilan mensuel actions européennes – novembre 2024 – America First

Les marchés actions américains ont écrasé le match en novembre à +5,7% pour le S&P 500 vs +1% pour le Stoxx 600, qui a également dératé. Il faut dire que les Etats-Unis disposent désormais d’un Président - qui veut baisser les impôts - alors que la France et l’Allemagne sont plongées dans l’incertitude politique et budgétaire. Les taux longs ont baissé en Europe, dont les indicateurs macro visent de plus en plus au rouge. Les spreads de crédit synthétiques se sont légèrement détendus, peu sensibles aux nuages qui s’amoncellent.

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Anne-Barbara Nicco

Anne-Barbara Nicco

Flos B&B Italia (ex-IDG) : Exercise of 103% call and coverage initiation on new 2029 FRN

Flos B&B Italia has successfully priced its new FRN 5NC1 with a € 80m upsize to € 550m. The surplus cash will be allocated to the exercise of the 10% call at 103% on the SSN due15/11/28 (and for general corporate purposes), a scenario that we had considered likely (see our report of 27 November) but which had not been announced in the first place. The group undoubtedly benefited from solid demand for its new bond offering and from a decent cost, with final pricing at EUR+387.5bp vs. a price talk at EUR+400bp (+/- 12.5bp) and an IPT at EUR+400-425bp. This is below our fair price estimate (EUR+4...

11h / 32m 11h / 32m 1 EN

Anne-Barbara Nicco

Anne-Barbara Nicco

Flos B&B Italia (ex-IDG) : Exercice du call à 103% et initiation de couverture sur la nouvelle FRN 2029

Flos B&B Italia a placé avec succès sa nouvelle obligation FRN 5NC1. La taille a été augmentée de 80 m EUR pour la porter à 550 m EUR. L’excédent sera alloué à l’exercice du call à 103% sur 10% de l’encours de l’obligation 10% 15/11/28, soit 44 m EUR, un scenario que nous avions jugé probable (cf notre étude du 27/11) mais qui n’avait pas été annoncé dès le lancement du refinancement lundi. Le groupe a visiblement profité d’une solide demande pour sa nouvelle obligation et d’un coût décent avec un pricing final à EUR+387,5 bp vs. un price talk à EUR+400 bp (+/- 12,5 bp) et un IPT à EUR bp. C’e...

11h / 36m 11h / 36m 1 FR

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Credit Recommendations - December 2024

Bilan mensuel actions européennes – novembre 2024 – America First

Flos B&B Italia (ex-IDG) : Exercise of 103% call and coverage initiation on new 2029 FRN

Flos B&B Italia (ex-IDG) : Exercice du call à 103% et initiation de couverture sur la nouvelle FRN 2029

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