Orpea : At the forefront of the health crisis, now first in line for recovery?
Orpea's freshly issued straight bond due 2028 met strong demand, prompting an upsize to € 500m from the € 300m initially planned and a spread lowered to MS+235bp from the price talk of 260bp. Despite a good initial run, we still consider it attractive with over 70bp of additional spread on the 2025 bond for three years more of maturity while its valuation is in line with similarly dated issues of healthcare issuers. We also reiterate our Buy recommendation on the OCEANE 2027 bond...ORPEA is a dependency, physical and psychiatric care group based in France. Co. operates long-term and short-term care facilities, including medical care facilities, medical and social care facilities and residential facilities for the elderly. Co. provides short, medium and long-term global physical and mental dependency care. Co. also operates residential facilities for disabled people of any age, hotels, and hotel-related, as well as leisure accommodation facilities. Co. operates in France and abroad (Belgium, Italy, Spain and Switzerland) in three business segments: Long-term care facilities (nursing homes); Post-acute and Rehabilitation care facilities; and Psychiatric care facilities.
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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