Report
Salt (Matterhorn) : Focus Emission
Salt plans to issue CHF 2.085bn of new secured notes due 2025 & 2026 in four tranches to refinance its existing bonds maturing in 2022 & 2023. The tranches include one floater 7NC1 in EUR and 3 fixed-rate bonds in CHF (7NC3), EUR (8NC3) and USD (8NC3). The company will also replace its CHF 100m RCF due 2020 by a new CHF 75m 5-year RCF. We recommend to subscribe to the new 2026 EUR notes at a yield of 4.5% or more, and we raise our recommendation on the 2027 notes to Buy (vs. Neut...
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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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