Credit Morning 06/27/2025

Avolta: CMD feedback|

Morning Crédit 27/06/2025

Avolta : Feedback CMD|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/27/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 27/06/2025

Avolta : An update confirming the strategy's successful execution

Avolta : Un point d’étape qui confirme la bonne exécution de la straté...

Aixtron SE : Roadshow feedback: reassuring tone on 2025, cautious on 2...

Aixtron SE : Feedback de roadshow: ton rassurant sur 2025, prudent sur...

Credit Morning 06/26/2025

Vilmorin & Cie has entered into exclusive discussions to build a strategic and financial partnership with ADQ on Vegetable Seeds|Finnair: more industrial actions announced|

Morning Crédit 26/06/2025

Vilmorin & Cie en discussions exclusives avec ADQ pour établir un partenariat stratégique et financier sur les Semences Potagères|Finnair: more industrial actions announced|

Utilities and offshore wind supply chain sector/Mind the gaps

In this report we present our view on the long-term growth prospects for offshore wind in Europe, implications of the energy transition and the role of TSOs, such as Elia Group. We also focus on supply chain beneficiaries in our Benelux coverage. An increasing number of long-term framework contracts should provide improved risk-rewards to the supply chain, in our view. Furthermore, we take a deep dive into growth drivers and long-term financing for Elia Group, beyond the company's current financ...

Sif Group/Quality is never an accident, but it takes time/BUY

The first XXL monopiles manufactured in Sif's new factory concerned foundations for Empire Wind. As such it was a relief that the US Department of the Interior's Bureau of Ocean Energy Management notified Equinor that the stop-work order for Empire Wind 1 offshore wind project, issued on 16 April, had been lifted. Sif is finalising production of this much debated US project now and is starting up production for the Dutch Ecowende project. We visited the factory on 14 May and compared to our prio...

Morning Crédit 05/06/2025

Credit Morning 06/05/2025

ZF issues EUR 1.25bn 2030 notes|Hanwha sells its 5.4% stake in Eutelsat|

Credit Morning 05/26/2025

50% tariffs on EU: exposure of the high-yield names in the luxury goods, retail and consumer sectors|

Credit Morning 05/21/2025

Ardagh: negotiations with bondholders at a standstill|

Morning Crédit 21/05/2025

Ardagh : les négociations avec les porteurs SUNs sont au point mort|

Avolta : Initiating coverage of the 2032 notes with a Neutral recommen...

Avolta has successfully priced its new senior notes due 2032 (NC3) in an aggregate amount of € 500m. The annual rate will be 4.5%, in line with our estimate (see Morning Credit of 20 May). The IPT was announced at high 4%s, the price talk at 4.625%, and the revised guidance at 4.375-4.5%. We published a detailed credit report last Monday (see Credit Focus dated 19 May 2025) in which we downgraded our recommendation from Buy to Neutral due to tight yield levels, which are now unlikely to offer st...

Avolta : Nous initions la nouvelle obligation 2032 à Neutre

Avolta a placé avec succès sa nouvelle émission obligataire de 500 m EUR de maturité 2032 NC3. L’obligation a été assortie d’un coupon de 4,5% en ligne avec notre estimation (cf. Morning crédit du 20/05). L’IPT avait été annoncé à high 4s avant un price talk à 4,625% révisé à 4,375-4,5%. Le produit de l’émission (équivalente à 470 m CHF) sera alloué au refinancement l’obligation de 300 m CHF de maturité 2026 via l’exercice du call au pair et au remboursement du tirage sur le RCF à hauteur de 166...

Credit Morning 05/20/2025

Suedzucker launches issuance of PerpNC5.25 hybrid bond and will redeem its existing hybrid bonds|Avolta is marketing a € 500m senior unsecured 2032 7NC3|IGT renews its Lotto licence: good news and bad news|Teva: offering of $ 2bn of new SLN notes and tender on existing 2026-2031 notes|Groupama issues new Tier 2 2035 at MS+190bp|