Ipsen : Low but sufficient yield in light of balanced risk profile. Buy confirmed on 2023 bond
The bond has seen a satisfactory track record since its 2016 issuance. The 70bp spread premium on the JPM 'BBB' index vs. the bond issue in June 2016 narrowed significantly until the end of 2018. However, the bond has anew offered a spread premium of around 40bps year to date. The newsflow was mixed with 1/ the announcement of the Clementia acquisition on 25 February, a promising deal in the long term but detrimental for ratios in the short term; 2/ an increase in the generic thr...Ipsen is global biotechnology specialty care company. Co. engages in research, development, manufacture and sale of pharmaceutical products for human healthcare. Co.'s product portfolio includes pharmaceutical products marketed around the world to specialists working in its targeted therapeutic areas (oncology, endocrinology, neurology and haematology). These products are specialist care drugs. Co. also markets products in other therapeutic areas including gastroenterology, cardiovascular and cognitive disorders. These products are primary care drugs. Co.'s brand names include Decapeptyl®, Somatuline®, Dysport®, Nutropin Aq®, Smecta®, Forlax®, Nisis®,Adrovance®, Exforge® and Adenuric®.
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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