Teleperformance : TP prices new 2030 bond; we adopt a Buy recommendation
Teleperformance issued new EUR 500m senior unsecured notes (ISIN: FR001400WRE9) due 21 January 2030. According to the lead banks, books were at EUR 3bn.We said we would find the new paper attractive at a yield of 4.25%. As such we adopt a Buy recommendation. We are a bit surprised that Teleperformance issued only EUR 500m, but that is what they did.
Teleperformance is engaged in outsourced customer experience management. Co. delivers integrated solutions to corporations and administrative bodies worldwide to manage all aspects of the customer-relations cycle on their behalf. Co.'s activities include four core business areas: customer care (these are services provided as part of customer service management); technical support; debt collection; and business information and marketing actions. As of Dec. 31, 2013, Co. had approximately 110,000 computerized workstations across 46 countries. Co.'s client includes industries like Telecoms, Internet, Financial services, Technology/media, Insurance, Government sector and Utilities.
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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