Oddo BHF - Tereos : « Bitter Sweet Symphony »

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Oddo BHF

Delphine Chauvin

Tereos : « Bitter Sweet Symphony »

Tereos last week issued a € 125m tap on its 7.5% 2025 notes. The notes were priced at 106.75%, at the lower end of the price-talk range (106.75% to 107.25%), almost 2 pts below trading prices on the secondary market before the statement and corresponding to a YTW of around 5.3% (assuming redemption in October 2022), while the issuance size was raised by 25% (vs. the € 100m tap initially planned). - We expected Tereos to look to capitalise on the general strengthening of the bond ...

19/04/2021 10 EN

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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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Analysts

Delphine Chauvin

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Tereos : « Bitter Sweet Symphony »

Paprec : Issuance Focus

Paprec : Focus Emission

Sogecap : Issuance Focus

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