Report
INEOS Group Holdings : New bond priced well below our fair price
INEOS Group Holdings (IGH) announced the successful pricing of its € 400m (downsized from € 625m to favor the EUR/USD TLBs) senior secured bond due 2030 at a coupon of 5.625% (vs. IPT of 6-6.25% and guidance of 5.75% area). This is well below our fair price of at least 6.125%. At such levels, the new bond does not offer any significant premium compared to the outstanding bonds due 2028 and 2029. We are, therefore, initiating the coverage of the new 2030 bond with a Reduce recommendation.See our latest report on IGH & INEOS Quattro here
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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.
Mateo Salcedo
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