Prysmian : We are initiating coverage with Buy (4Y bond) and Neutral (7Y) recommendations
Prysmian announced the pricing of its € 1.5bn dual bond offering split between a € 850m bond due 2028 and a € 650m bond due 2031. The 2028 bond priced at MS+143bps (yield of 3.67%), compared to IPTs of MS+175bps area and guidance of MS+150bps area. The bond due 2031 priced at MS+168bps (yield of 3.96%), which is also tighter than both IPTs (MS+205bps area) and guidance (MS+175bps area). Based on this, we are initiating coverage with a Buy recommendation on the EUR bond due 2028 w...Prysmian and its subsidiaries produce, distribute and sell cables and systems and related accessories for the energy and telecommunications industries. Co. operates in two segments. The energy segment includes utilities, which organized in four lines of business, comprising high voltage, power distribution, accessories and submarine; trade and installers; industrial; and other, such as sales of residual products. The telecom segment produces cable systems and connectivity products used in telecommunication networks. This segment is organized in the following lines of business: optical fibre, optical cables, connectivity components and accessories, Optical Ground Wire and copper cables.
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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