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Picard : Towards a difficult fourth quarter
In our Special Comment of 8 February 2019, we raised our recommendation from Reduce to Neutral on the 2023 senior secured notes and to Buy on the 2024 senior notes, deeming the correction in December probably excessive compared to our Q3 2018-19 earnings expectations. Picard senior notes 2024, which were then trading at 89% (7.9% YTW), continued to rise, to a 95.2% high on 1 March 2019 (i.e. +6.2 pts over less than a month and a 109bp decrease in asw spread vs. 71bp for the JPM ...
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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.
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