Eurofins : An attractive new deal. The choice of a non-call 3-year structure is disappointing but makes sense pending spreads normalisation
24 hours after its announcement, Eurofins today placed a € 300m hybrid issuance to repay the € 300m hybrid callable in 2020. This transaction was anticipated but the non-call period chosen surprised us: three years vs. eight years in previous Eurofins issuances. Management justified its decision by an anticipated change in IFRS standards. An NC8 would lead to much higher coupons, while the group would not benefit from the advantages of that period as it could have to redeem the b...Eurofins Scientific is an international life sciences company operating in food & pharmaceutical products testings. Co. provides analytical testing services to clients from various industries including pharmaceutical, food, and environmental sectors. Co. offers analytical methods for evaluating the authenticity, origin, safety, identity, composition, and purity of biological substances & products. Co. verifies authenticity of products analyzed to detect dangerous components (pathogens, prions, pesticides, asbestos, mycotoxins, dioxins, toxic substances, etc.). Co. operates in Benelux, France, Germany, North America, Scandinavia, British Isles (U.K. & Republic of Ireland), & other countries.
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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