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Picard : A key high yield issuer, subject to the right conditions. Buy PICSUR 5.375% 2027
Picard successfully placed its € 1.7bn SLB bond issue on 30 June, after making a number of adjustments compared with its initially planned bond issue which was cancelled in April. While we would have preferred a lower dividend, we believe the group's fundamentals still make it a key issuer in the HY market, provided that the terms and conditions adequately reward the aggressive financial policy of the top shareholder. At current yields, we are initiating coverage with a Buy recom...
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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.
Anne-Barbara Nicco
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