ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/11/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/03/2025

Novo Nordisk : Not very differentiating results relative to Zepbound

Crédit Agricole Assurances : Recommandation Achat sur le nouvel RT1

Crédit Agricole Assurances vient de boucler l’émission de 750 m EUR d’obligations RT1 Perp NC 2035. L’opération a attiré 2.4 mds EUR d’ordres pour un montant émis de 750 m EUR. Le price talk a débuté à 6.5% et a été révisé à la baisse, pour un niveau final de 6.25%. Nous débutons le suivi avec une recommandation Achat sur cet RT1. Nous avions estimé le fair price à ~6%, en ligne avec les émissions récentes de NN Group et Achmea, toutes notées BBB et les AT1 de CASA. Le coupon de 6.25% implique un reset spread de 359 bp. Il est certes inférieur aux 375 bp moyens que nous calculons sur les 6 R...

Crédit Agricole Assurances : Buy recommendation on the new RT1 bonds

Crédit Agricole Assurances recently completed the issuance of € 750m of RT1 Perp NC 2035 bonds. The offering attracted orders totalling € 2.4bn for an issuance amount of € 750m. The price talk began at 6.5% and was revised downwards to 6.25%. We initiated coverage of these RT1 notes with a Buy recommendation. We had estimated the fair price at ~6%, in line with recent issuances by NN Group and Achmea, all rated 'BBB', and CASA's AT1s. The 6.25% coupon implies a reset spread of 359bp. This is admittedly lower than the average 375bp that we calculate on the six RT1 notes callable in 2034/2035,...

Viridien : Viridien: Stairway to refinancing

Viridien has launched the long-awaited refinancing of its EUR/USD 2027 bonds through the offering of a $ 950m (evenly split between EUR/USD) 5.5NC2 bonds. The company is experiencing a positive momentum with good E&P capex levels on top of a leaner cost structure following the termination of the Shearwater agreement and cost saving initiatives at the SMO segment. As such, a significant improvement in both EBITDA and FCF is expected going forward. We expect the company’s strategy to continue to prioritize debt reduction going forward, with no shareholder distributions during our forecast period...