Lufthansa : Starting coverage of the two new bonds with a Neutral recommendation
Lufthansa has successfully priced its new 4Y and 8Y bonds at a yield of 3.732% (coupon of 3.625% priced at 99.609 or MS+123bps) and 4.125% (priced at par, or MS+163bps), respectively. Both bonds were priced tighter than their IPTs of MS+155bps for the 4Y bond and of MS+195bps for the 8Y bond. Although the recently issued bonds offer a premium of 20-30bps against the existing bonds and the comparable universe, we initiate coverage with a Neutral recommendation on both bonds. We re...Deutsche Lufthansa is an aviation group based in Germany. Co. maintains global operations and a total of more than 500 subsidiaries and associated companies. Co. operates in five major business segments: scheduled passenger air traffic ("Passenger Airline Group"); scheduled airfreight services ("Logistics"); maintenance, repair and overhaul ("MRO"); information technology ("IT Services") and catering ("Catering").
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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