Report

Worldline : Initiating credit coverage with a preference for the OCEANE bond

>Initiating credit coverage on Worldline - We are initiating credit coverage of Worldline with a Stable credit opinion: although credit metrics will undoubtedly improve over the coming years on a standalone basis, we have taken into account the group's clearly expressed ambition to make acquisitions.We are adopting the following market recommendations: 1/ Neutral on the 2024 straight bond (ASW spread of 65bp): this bond trades at a pick-up of approximately 1...
Underlying
Worldline SA

Worldline is a financial transaction processing company based in France. Co's operations are organized along three segments covering payments and digital services: Merchant Services & Terminals (facilitating consumer engagement around end-to-end e-payment transactional services on any device – before, during and after the point of sale); eMobility and eTransactional Services (assists businesses and governments in developing new digital services enabling strategic digital transformation); and Financial Processing & Software Licensing (provides processing services to banks and financial institutions for managing card-based and online cashless payments).

Provider
Oddo BHF
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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