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Paprec : Buy recommendation on the new 2030 & 2032 notes
Paprec yesterday completed the offering of €850m in bonds in two tranches, maturing in 2030 (5NC2, €550 million) and 2032 (7NC3, €300m). The guidance was set at “4.375% area” for the first tranche and “4.75% area” for the second. Ultimately, the bonds were placed at a yield of 4.125% on the 2030 maturity and 4.5% for the 2032 bonds. We are initiating coverage of these new PAPREC 30 and PAPREC 32 bonds with a Buy recommendation. We have a Stable Credit Opinion on the issuer, while the pricing still offers potential for tightening relative to comparable BB-rated bonds on the market.We are also maintaining our Neutral recommendation on PAPREC 28 bonds.
See our Issuance Focus report published yesterday.
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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.
Delphine Chauvin
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