Report
Faurecia : A much-awaited return to the bond market
Faurecia intends to launch a seven-year benchmark-sized issue, non-call three years. Proceeds will be used to repay the 3.125% 2022 Faurecia note (€ 700m) in whole or in part before its first call date (15/06/18). Faurecia launched a tender offer on this bond. - Despite our Positive credit opinion (see our Credit Focus of 16/11/17), we have had a Neutral recommendation on the 2022 and 2023 Faurecia papers given their strong outperformance and very low yields (0.3% for the 2022 note and 1% for the 2023 note in our report dated 15 November 2017), and we were waiting for the next issue to find a better entry point on the credit. - - >
Underlying
Faurecia SA
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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