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de Volksbank N.V. : Human after all; Recommendation lowered to ‘Neutral’ on the Tier 2 on reduced outperformance potential but fair YTC
De Volksbank (dVB) may not be a discovery for fixed-income investors today. Still, we have done our homework and updated our views on the credit. - dVB has continued to orderly execute its strategy articulated around a self-defined ‘Banking with a Human Touch’ mission and prepare the bank for future privatisation. The process is due to be launched in 2020, a partial IPO being the most likely first step. - The bank’s credit metrics have benefited from significant tailwinds provided b...
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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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