Report
Wind Tre : Focus Emission
Wind Tre plans to issue EUR 7.3bn equivalent of new secured notes in EUR and in USD. The EUR tranches will include 5NC2 and 7NC3 fixed-rate bonds and EUR 6NC6m FRNs, while the USD tranches will consist of a 8NC3 fixed-rate bond and 5NC1 FRNs. Proceeds from the bond issuance and a new EUR 3.0bn term loan will be used to fully refinance Wind Tre’s existing debt (EUR 9.9bn of bonds and a EUR 700m term loan). We recommend to subscribe to the news bonds at yields of 2.75% (5NC2 EUR tranche) and 3.25% (7NC3 EUR tranche).>
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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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