Getlink : A few quarters of volatility against 65 years of attractive concession terms
>The new Getlink bond has performed strongly since pricing on 20 October. Despite the lockdown restrictions announced on both sides of the Channel, the bond has gained almost 4 pts and currently trades at 103.9% (mid) or 280bp of ASW. Still, we think it retains some upside for we believe the credit warrants a 'high-BB' rating, in line with Fitch's approach and two notches below the 'BBB'-rated Eurotunnel subgroup, rather than the 'low-BB' rating assigned by S&P's which re...Getlink SE, formerly known as Groupe Eurotunnel SE, is a France-based company, which brings together a group of companies active in the fields of infrastructure management and transport operations. Its various entities share the attention to quality and customer service, with priority given to safety. The Company manages and operates the Channel Tunnel between the United Kingdom and France and its railway infrastructure. The Company is also engaged in the passenger and freight transport between continental Europe and the United Kingdom. In addition, it provides ferry transport through the Channel. Getlink SE has direct and indirect stakes in a number of companies, including The Channel Tunnel Group Limited, France Manche SA and Europorte SAS, among others.
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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