Report
Markus Schmitt

K+S AG : K+S issued new € 600m bond; we recommend buying the new issue

K+S issued a new € 600m bond due 2024 to refinance the € 500m bond due in December 2018. - The new issue carries a coupon of 3.25% which is c.100bp higher than the 2023 issue's YTW, while K+S’s yield curve widened because of the refinancing. Books were reportedly above € 1.1bn. - Q1 18 revenue and EBITDA grew on the back of increased potash and de-icing volumes. - Note that the company expects a burden on the Q2 18 results due to production issues at Bethune. Production was negatively ...
Underlying
K+S AG

K+S is engaged in the chemical sector. Co. has three business segments. The Potash and Magnesium Products segment combines the production and marketing of potash fertilizers and fertilizer specialities as well as potash and magnesium compounds for technical, industrial and pharmaceutical applications. The Salt segment encompasses the production and marketing of food grade salt, industrial salt and salt for chemical use, de-icing salt and sodium chloride brine. The Complementary Activities segment bundles together recycling activities and waste disposal or reutilisation in potash and rock salt mines as well as catsan® granulation.

Provider
Oddo BHF
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.

Analysts
Markus Schmitt

Other Reports on these Companies
Other Reports from Oddo BHF

ResearchPool Subscriptions

Get the most out of your insights

Get in touch