Report
ETHIAS : Initiating coverage of the new bonds with a Neutral recommendation and reiterating our Buy recommendation on the 2033 notes
Ethias has successfully priced its sustainable Tier 2 bond offering due 2035. The issuance attracted € 1.5bn in orders for an issuance amount of € 300m. The price talk began at MS+270bp and was revised downwards to a final level of MS+235bp. The coupon was set at 4.75%. In our report published yesterday, we estimated the fair value at around MS+240bp, in line with the other sub-benchmark issue on these maturities, namely Apicil 2034 at Z+240bp. We are initiating coverage of the newly issued 2035 notes with a Neutral recommendation and maintaining our Buy recommendation on the 2033 notes. It offers a coupon of 6.75% and continues to compare favourably with other Tier 2 2033 notes.
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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.
Carine Maciol
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