Orange : Better commercial resilience than expected invites a stock market catch up

ODDO BHF Small & MIDCAP MORNING NEWS – 01/10/2025

Kiloutou : New year, new bond issue

As last year, Kiloutou was one of the first issuers to enter the primary market. This time, the group has completed a placement of €550m (vs. €500m initially envisaged), divided into two tranches: €400m maturing in 2031 (6.25NC2, fixed rate) and a tap of €150m on its FRN 2030 issued a year ago. The price-talk on the 2031 notes started at low 5s. The guidance was then proposed at 5.0%-5.25%, before being lowered again to 4.875%-5.0%. This was apparently considered a little too aggressive, since the final pricing was set at 5% with an upsize of EUR 50m. The tap on the FRN (E+350bp) was closed a...

Kiloutou : Nouvelle année, nouvelle émission obligataire

Comme l’an dernier, Kiloutou a fait partie des premiers émetteurs à se lancer sur le marché primaire. Cette fois-ci, le groupe a procédé à un placement de 550 m EUR (vs. 500 m EUR envisagé au départ), répartis en deux tranches : 400 m EUR à échéance 2031 (6.25NC2, taux fixe) et un abondement de 150 m EUR sur son FRN 2030 émis il y a un an. Le price-talk de la souche 2031 a débuté à « low 5s ». Puis la guidance a été proposée à 5.0%-5.25%, avant d’être encore abaissée à 4.875%-5.0%, ce qui a, semble-t-il, été jugé un peu trop agressif, puisque le pricing final a été fixé à 5% avec un upsize de...

ODDO : German Investment Seminar in NYC – Feedback from second day of meetings

We are hosting our 27th German Investment Seminar in New York from 13 to 15 January 2025. In total, 66 companies are participating. Below, we provide some of our initial feedback on the companies, which were present on day two. Among these companies which were presented during the second day, we notably highlight positive feedback on Adidas, Daimler Truck, Evonik, Fuchs, Hensoldt, Jungheinrich, Lanxess, Qiagen, Renk, Rheinmetall and Siemens Healthineers.