VGP NV : We initiate a Buy recommendation on the new 2031 bonds
This afternoon, VGP issued € 500m of new green bonds due January-2031 (NC) at MS+205 (vs IPT MS+235 and Guidance MS+210), broadly in line with our fair price of MS+200. As a result, we initiate a Buy recommendation on the bonds and we reaffirm our Buy recommendation on the existing curve, including the 2029s and 2030s.VGP NV is a Belgium-based real estate development company that constructs and develops industrial real estate and ancillary offices, which are rented out to clients on long term lease contracts. The Company operates in three business segments: the Development activities segment is focused on the identification and acquisition of the land and development of the infrastructure, the design of buildings, the coordination of architectural and engineering aspects, the administration to obtain the necessary permits, the tendering and coordination of the construction works, including site management, and the facility management of the real estate portfolio; the Property Management and Leasing services segment is responsible for managing the operation of the buildings, and the Facilities Management services segment is responsible for managing the operation of the buildings and performs all actions, such as maintenance services, waste management services and maintenance greenery, among others.
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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