Report
Emeis : Emeis, the rebuilding makes headway
Emeis made its first return to the bond market in December 2025, issuing a € 400m six-year FRN which is currently trading at over 7%. It's not easy to forget the crisis of 2022-2023, when the group was known as Orpea. Even so, the "rebuilding" is well and truly under way... Earnings have been recovering since last year and the asset divestment programme is by and large complete. Although Emeis still has a highly leveraged balance sheet, the credit is worth revisiting, not least for investors in quest of yields and willing to invest in non-rated bonds.
Underlying
ORPEA
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.
Delphine Chauvin
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