Oddo BHF - MATMUT : Focus Emission

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Oddo BHF

Carine Maciol

MATMUT : Focus Emission

Matmut vient sur le marché pour une première émission obligataire, en Tier 2, sous un format benchmark de 500 m EUR, de maturité 10.75 ans (2036), notée Baa1.
Cette émission a pour objectif de financer en partie l’acquisition de HSBC Assurances Vie, sur laquelle le groupe a fait une offre de 925 m EUR. La finalisation de la transaction est sujette à diverses autorisations et est attendue au second semestre.

15/05/2025 1 FR

Provider

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

Carine Maciol

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Robertet : Speculation over, back to fundamentals

We are initiating coverage of Robertet, a multi-specialist flavour and fragrance company, ranked 7th in the global fragrance and flavour market, with a Neutral rating due to a weaker growth profile in 2025 (unfavourable base effects), the fallout from US tariffs or the US dollar and the end of the speculative appeal. Based on DCF and peer comparison (with a size discount of 20%), we came up with a target price of € 931.

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Carine Maciol

Carine Maciol

MATMUT : Issuance Focus

Matmut is coming to the market for a first bond issue in the Tier 2 segment with a benchmark format of € 500m, a maturity of 10.75 years (2036) and a Baa1 rating. This bond issue is designed to finance part of the acquisition of HSBC Assurances Vie, for which the group has made a € 925m offer. The finalisation of the transaction is subject to relevant approvals and is expected to occur in the second half of 2025.

3h / 40m 3h / 40m 1 EN

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MATMUT : Focus Emission

Robertet : Spéculation disparue, retour aux fondamentaux

Robertet : Speculation over, back to fundamentals

MATMUT : Issuance Focus

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