Report
VGP : Building a bright future
Logistics property group VGP (BBB-) this week marketed its second green bond offering totaling € 1bn (5Y at 1.625% and 8Y at 2.25%), after those of € 600m 1.5% 2029 in March 2021. It has now become an interesting issuer with more than € 2.3bn of outstanding bonds, reflecting increasing financing needs related to its ambitious expansionary strategy. We initiate coverage of the name with a Positive credit opinion and a Buy recommendation on the bonds. We like the credit story, supp...
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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.
Joan Sehim
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