Forvia : Buy recommendation on the new 2030 bonds
This afternoon, Forvia issued € 750m of new unsecured bonds due 2030 (5NC2) at 5.625%, compared with an IPT of 6% area and a price talk of 5.75% area. The operation attracted many investors, as the offer was upsized from the € 500m initially marketed. We assume that the additional proceeds will allow the 3.125% 2026 bonds to be fully refinanced.Faurecia is an automobile equipment supplier based in France. Co.'s activities can be divided into four business units: Automotive Seating (design of vehicle seats, manufacture of seating frames and adjustment mechanisms, and assembly of complete seating units); Emissions Control Technologies (design and manufacture of exhaust systems); Interior Systems (design and manufacture of instrument panels, door panels and modules, and acoustic components); and Automotive Exteriors (design and manufacture of front ends and safety modules). Some of Co.'s customers are PSA Peugeot Citroen, VW Group, Renault-Nissan, Ford Group, BMW and GM Group.
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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