Report
Carole Braudeau

Mercialys : Point sur le crédit, le projet d’émission obligataire et l’offre de rachat

Mercialys a annoncé un projet d’émission obligataire de 300 m EUR (no grow) à 7 ans. En parallèle, il a lancé une offre de rachat en cash sur l’obligation 1.787% 31/03/23. - Nous estimons le pricing de la nouvelle émission à 4.75%. Cependant, le sentiment mitigé des investisseurs sur le secteur, compte tenu de la crise actuelle et de la faible visibilité à court/moyen terme, risque de peser sur ce niveau théorique. - >Facteurs de soutien - - Track record solide avec u...
Underlying
Mercialys SA

Mercialys is a real estate company, specialized in the transformation and management of shopping centers. Co. manages a portfolio of 91 properties located throughout France at Dec 31, 2013. Co.'s assets are classified into three categories: large regional shopping centers (GLA of over 365,800 sq. m.), neighborhood shopping centers (GLA of over 181,600 sq. m.), and Other assets (40,900 sq. m.). At Dec. 31, 2013, the portfolio comprised 25 large regional shopping centers, 36 neighborhood shopping centers, and 18 other sites such as food stores, specialty stores, independent cafeterias, service malls, and convenience stores, representing a total gross leasable area of about 588,300 sq. m.

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
Carole Braudeau

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