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Saur : We are initiating a Buy recommendation on the new 2029 bond
Saur yesterday completed the placement of a new ‘Blue’ bond maturing in October 2029. The IPT opened at ‘5.375%-5.5%’, then the guidance was lowered to 5.0%, and finally the securities were placed at 4.875% (ms+260bp), with a slight increase in the amount outstanding from €500m to €550m. The leads indicated that they had received more than €2.2bn in book orders, bearing in mind that holders of SAUR 25 bonds, who will have accepted the early redemption offer at 97%, should have be...
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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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