Oddo BHF - INEOS Quattro : We are initiating coverage on the new 2030 bond with a Reduce recommendation

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Oddo BHF

Mateo Salcedo

INEOS Quattro : We are initiating coverage on the new 2030 bond with a Reduce recommendation

INEOS Quattro (IQ) announced yesterday the successful pricing of its € 675m (upsized from € 600m) senior secured bond due 2030 at a coupon of 6.75% (vs. IPT & guidance of 6.75-7%). This is below our fair price of at least 7.25%. At such levels, the new bond does not offer any premium to the outstanding bond due 2029. We are, therefore, initiating the coverage of the new bond with a Reduce recommendation. - >Credit opinion - We have a Stable credit opinion on the name....

03/10/2024 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

Mateo Salcedo

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INEOS Quattro : We are initiating coverage on the new 2030 bond with a Reduce recommendation

Atos : Execution risk and debt levels still too high to come back to the stock

Atos : Le risque d’exécution et l’endettement restent trop importants pour revenir sur le titre

SMA Solar Technology AG : Q1 above consensus but the lower third of the guidance is now targeted

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