Report
Eurofins : We adopt a Buy recommendation on the new perp
Following the pricing of Eurofins’s new EUR 400m perp (ISIN: XS3038659267), we adopt a Buy recommendation. We think the final pricing of 5.75% (IPT: 6.000-6.125%) provides still upside (c. 50bp). We thought actually that yield hunting could result in further tightening. Books were at EUR 1.35bn.Our Credit Opinion is Stable.
Our recommendations for all instruments are as follows:
2026 bond: Neutral;
2029 bond: Neutral;
2030 bond: Buy;
2031 bond: Buy;
Existing EUR 400m perp (to be refinanced): Neutral;
EUR 600m perp with a first call date in 2028: Buy;
New EUR 400m perp with a first call date in 2032: Buy.
Underlying
Eurofins Scientific Societe Europeenne
Provider
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.
Markus Schmitt
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