Oddo BHF - ESG defence: the exclusion dilemma

Report

Oddo BHF

Emira Sagaama ...

Margaux van Oerle

ESG & defence: the exclusion dilemma

18/03/2025 1 EN

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.

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Analysts

Emira Sagaama

Margaux van Oerle

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Séché Environnement has just completed the placement of a new bond maturing in 2030 (five years), in ‘Green’ format. The funds will be used to repay the bridge loan that was obtained to finance the acquisition of ECO, as well as the funds used on the RCF. The IPT was announced at 4.75/5.0%, then the guidance was tightened to 4.625% +/- 12.5. Lastly, given what appears to have been strong demand, the yield was set at 4.5% and the size of the bond increased to € 400m (+€ 50m).

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Séché Environnement vient de boucler le placement d’une nouvelle obligation à échéance 2030 (5 ans), en format « Green ». Les fonds serviront à rembourser le bridge loan qui avait été obtenu pour financer le rachat d’ECO, ainsi que les fonds utilisés sur le RCF. L’IPT avait été annoncé à 4.75/5.0%, puis la guidance a été resserrée à 4.625% +/- 12.5. Finalement, compte tenu d’une demande qui semble avoir été forte, le rendement a été fixé à 4.5% et la taille de l’obligation augmenté à 400 m EUR (+50 m EUR).

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ESG & defence: the exclusion dilemma

Seche Environnement : Issuance Focus

Séché Environnement : Focus Emission

Jenoptik AG : An undervalued growth story

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