Oddo BHF - Groupama : Adopting Neutral recommendation on the new RT1 bonds

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Oddo BHF

Carine Maciol

Groupama : Adopting Neutral recommendation on the new RT1 bonds

Groupama yesterday issued € 600m of RT1 PNC34 notes. The IPT was set at 7%. The book totalled more than € 3bn and prompted the insurer to revise upwards the amount issued from € 500m to € 600m and to adjust the final pricing to 6.5%. This comes as no great surprise given investors' unwavering appetite for these instruments which offer an attractive yield for an IG rating. - This pricing, a shade below our expectations, prompts us to initiate our coverage of this RT1 with a Neutral ...

10/07/2024 1 EN

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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

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Groupama : Adopting Neutral recommendation on the new RT1 bonds

Robertet : Spéculation disparue, retour aux fondamentaux

Robertet : Speculation over, back to fundamentals

MATMUT : Issuance Focus

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