ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 12/19/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 19/12/2025

Campari : Small brand disposals: Averna in bitters and Zedda in liqueurs

Whitbread : Un atterrissage annuel un peu meilleur qu’attendu

Air France-KLM : New € 650m 5Y notes to refinance upcoming debt maturities

Air France-KLM was back into the bond market last week through the issuance of a € 650m (upsized from € 500m) 5Y bond priced at MS+150bps (i.e. a yield of 4.0%), which is below the price guidance (MS+155bps) and significantly tighter than the IPT (MS+190bps). Proceeds from the transaction will be used for general corporate purposes namely to refinance debt due in 2026. While the overall transaction is net leverage neutral, AF-KLM will see its annual interest payments reduce by c.€ 12m once the May-2026 bond is redeemed given the new bond’s lower coupon. As such, we estimate an interest coverag...

Air France-KLM : New € 650m 5Y notes to refinance upcoming debt maturities

Air France-KLM was back into the bond market last week through the issuance of a € 650m (upsized from € 500m) 5Y bond priced at MS+150bps (i.e. a yield of 4.0%), which is below the price guidance (MS+155bps) and significantly tighter than the IPT (MS+190bps). Proceeds from the transaction will be used for general corporate purposes namely to refinance debt due in 2026. While the overall transaction is net leverage neutral, AF-KLM will see its annual interest payments reduce by c.€ 12m once the May-2026 bond is redeemed given the new bond’s lower coupon. As such, we estimate an interest coverag...