Report
Loxam : Return to the bond market
Loxam has just completed a new offering of € 500m notes due February 2030 (5NC2). Proceeds from the issue and the use of available cash (€ 188m, including around € 7m in commissions) will be used to prepay the 3.75% 15/07/26 covered bonds (€ 450m, callable at par) and the 5.75% 15/07/27 subordinated bonds (€ 231m still outstanding, callable at par).We are taking advantage of this issuance, which was expected, to review the issuer and fine-tune our recommendations on LOXAM bonds.
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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.
Delphine Chauvin
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