Report
Golden Goose : Initiating coverage of the bond with a Neutral recommendation.
Golden Goose has successfully placed its senior secured FRN bond issue of EUR 480m maturing in 2031 NC1. The final pricing was set at EUR+375bp (issuance price at par), a shade above our fair value estimate (EUR+350bp, see our Issuance Focus published on 6 May 2025). The bond is now trading at 100.5% ask, i.e. a DM of 325bp to the first call date and to 365 bp to maturity. We are initiating coverage of the bond with a Neutral (Hold) recommendation.
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.
Anne-Barbara Nicco
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