Report
Tereos : Tereos capitalised on investor appetite in the primary market
Tereos rang in the New Year with an offering of € 300m notes due April 2031. The yield is set at 5.75%, i.e. at the lower end of the announced price-talk range of "5.875% +/- 12.5". Gross proceeds from the issue will be used mainly to repay its government-backed loan (€ 161m remaining) and other Group credit lines, before or on their maturity dates.We have a Stable credit opinion on Tereos and we initiated coverage of the newly issued bonds with a Buy recommendation.
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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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