Oddo BHF - Fidelidade : Focus Emission

Report

Oddo BHF

Carine Maciol

Fidelidade : Focus Emission

Fidelidade, premier assureur portugais, vient émettre un RT1, noté BBB-. Fait remarquable, cet RT1 sera le premier du marché sous format Green.L’IPT propose un coupon low 8% que nous jugeons fair. Certes c’est le plus généreux et attractif de toutes les RT1 de notre liste, mais il rémunère justement le caractère inaugural, la moindre connaissance du crédit par le marché et son actionnariat. Cette émission met en lumière l’autre obligation de FIDELI : le Tier 2 2031/2026 qui...

22/05/2024 1 FR

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

Carine Maciol

Other Reports from Oddo BHF

Jerôme Bodin

Jerôme Bodin

ODDO : Un très bon T2 mais un ralentissement probable au T3 pour le marché publicitaire TV français

>Légère baisse de nos objectifs de cours sur TF1 et M6 - Nous faisons un point sur TF1, M6 et le marché publicitaire français. Si nous tablons sur un bon T2 publicitaire, il nous semble logique d’attendre un ralentissement au T3 au regard de la situation politique en France. Il est probable que les annonceurs soient plus prudents et décalent certains de leurs investissements en attendant un peu plus de visibilité politique. Les marques évitent par ailleurs généralemen...

June 21, 2024 June 21, 2024 1 FR

Jerôme Bodin

Jerôme Bodin

ODDO : Set for a good Q2 but slowdown likely for French TV advertising market in Q3

>Slightly downgraded target prices for TF1 and M6 - This note provides an update on TF1, M6 and the French advertising market. While we see good ad trends in Q2, a slowdown is to be expected in Q3 in light of the political situation in France. Advertisers are likely to take a more cautious stance and to defer some of their investments until there is clearer visibility on the political front. Moreover, brands tend to steer clear of electoral periods, to avoid being ass...

June 21, 2024 June 21, 2024 1 EN

Charlotte Vaisse ... (+2)

Charlotte Vaisse
Philippe Ourpatian

PFAS: the stocks that will respond to tougher regulations

PFAS refer to a large family of eternal pollutants. Pressure from regulators, investors, consumers and ESG rating agencies contributes to the materialisation of the reputational risk incurred by companies, in particular producers (chemical companies Arkema, BASF and Solvay) and, to a lesser extent, certain former users or regulated PFAS (SGO and SEB for PFOA). Conversely, we identify eight stocks in our coverage universe for which PFAS decontamination represents an opportunity: V...

June 21, 2024 June 21, 2024 1 EN

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Fidelidade : Focus Emission

ODDO : Un très bon T2 mais un ralentissement probable au T3 pour le marché publicitaire TV français

ODDO : Set for a good Q2 but slowdown likely for French TV advertising market in Q3

PFAS: the stocks that will respond to tougher regulations

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