Oddo BHF - Oddo convertible news 05/03/2020

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Oddo BHF

Oddo convertible news 05/03/2020

Acquisition project of Sirius Minerals by AngloAmerican: approval at the Court Meeting and General Meeting and update of the timetable>...

05/03/2020 5 EN

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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.

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Other Reports from Oddo BHF

Ahmed Ben Salem ... (+2)

Ahmed Ben Salem
Baptiste Lebacq

Maurel et Prom : Appetite for M&A

Following the change of analyst covering the stock, we are adopting an Outperform recommendation and a target price of € 6.3, excluding assets in Venezuela under threat of US sanctions. Output growth is strong, at 6% per year from 2024 to 2029e, thanks to M&A. A lifting of sanctions on Venezuela would lead to stronger growth of 12% per year and a fair value of € 8.6.

9h / 45m 9h / 45m 1 EN

Ahmed Ben Salem ... (+2)

Ahmed Ben Salem
Baptiste Lebacq

Maurel et Prom : De l’appétit pour le M&A

Suite à un changement d’analyste, nous adoptons une recommandation Surperformance et un OC de 6.3 €, excluant les actifs au Venezuela, sous menaces de sanctions américaines. La croissance de la production est solide, à 6%/an sur 2024-29 grâce au M&A. Un abandon des sanctions sur le Venezuela conduirait à une croissance plus solide de 12%/an et une fair value de 8.6 €.

10h / 3m 10h / 3m 1 FR

Pierre François Merveille

Pierre François Merveille

SES : New benchmark bond issue to replace the Intelsat bridge facility

SES is taking advantage of favorable market conditions to offer 5-year and 8-year of benchmark senior notes. The bond issue will help to fully address the long-term funding of the $ 4.6bn (€ 4.2bn) Intelsat acquisition, by replacing in all or in part the € 1.07bn bridge loan that was raised prior to the deal (closing expected in H2 2025). Based on the existing curve, we would derive yields of c. 3.9% on the new 5-year notes and 4.5% on the new 8-year notes. Given the risk entailed with the Intelsat acquisition and the competitive environment, we would add a 30 premium on top and recommend subs...

16h / 39m 16h / 39m 1 FR

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Oddo convertible news 05/03/2020

Maurel et Prom : Appetite for M&A

Maurel et Prom : De l’appétit pour le M&A

SES : New benchmark bond issue to replace the Intelsat bridge facility

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