Stada - New Bond Recommendation
Preliminary price talk is at 3.50-3.75% for the €485m 7NC3 senior secured notes (B2/B+/BB– from Moody’s, S&P and Fitch respectively) and 5.25% area for the €340m 8NC3 senior notes (Caa1/B-/B+). This is slightly more expensive than the EUR senior bonds’ universe with a similar rating and duration. However, this fairly reflects, in our view, Stada’ non-cyclical sector as well as solid cash generation.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.