Groupe SEB : Preview T2/S1 : peu de momentum à CT en raison d’un conte...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 06/30/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 30/06/2025

Groupe SEB : Q2/H1 results preview: limited momentum in the short term...

Benelux Morning Notes

ASR: Buyout deal, second in as many months, similar size (€660m). Flow Traders: Sticky digits. IMCD: Small but solid acquisition in India. Randstad: Preliminary preview of 2Q25F results due 23 July. UCB: Fintepla meets primary endpoint in CDKL5 Deficiency Disorder

Morning Notes : AKZA NA, DSFIR NA, ONTEXb BB, UCB BB, IMCD NA

: AKZA NA, DSFIR NA, ONTEXb BB, UCB BB, IMCD NA

UCB FIRST LOOK: Fintepla scores Phase 3 win in third epileptic indicat...

UCB announced positive Phase 3 results for Fintepla in treating CDKL5 deficiency disorder (CDD), a rare and severe early-onset epileptic condition with limited treatment options. The randomized, placebo-controlled study in patients aged 1–35 met its primary and secondary endpoints, showing a significant reduction in countable motor seizures and a favourable safety profile. UCB plans to announce the full dataset at an upcoming conference and seek regulatory approval promptly. This marks Fintepla'...

UCB - Bimzelx Consensus for 2025 Too Low

We are 28% above cons. US Bimzelx sales for H125 with Bimzelx sales momentum being the most important factor for the UCB investment thesis. Unlike the early days for US obesity, this is one of the most complex dynamics we have contended with when forecasting sales. There are multiple unknowns that we have sought to model (net price per scrip, net avg. price by indication, 2024 volume, volume growth by payer & incremental discounts to unlock that volume growth). As a result of our analysis, we in...

SEB SA: 1 director

A director at SEB SA sold 550 shares at 79.750EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Clo...

Credit Morning 06/19/2025

Eutelsat: € 1bn framework agreement with the French Armed forces ministry|Worldline: several candidates in the running to acquire the MeTS division, including OVHcloud (Les Echos)|

Morning Crédit 19/06/2025

Eutelsat : accord cadre de 1 md EUR avec le Ministère français des Armées|Worldline : plusieurs candidats au rachat de la division MeTS dont OVHcloud (Les Echos)|

Groupe SEB : Recommandation Neutre (conserver) sur les nouvelles oblig...

Seb a bouclé hier le placement d’une obligation de 500 m EUR qui arrivera à échéance en juin 2030. L’IPT a ouvert à « ms+185bp area », puis la guidance a été abaissée à « ms+155bp area », et au final, les titres ont été placés à ms+150bp (coupon 3.625%, reoffer 99.556%). Les leads ont indiqué avoir reçu près de 2.1 mds EUR d’ordres en book. Nous démarrons le suivi de ces nouvelles obligations SKFP 30 avec une recommandation Neutre (conserver), le pricing final étant quasiment à notre fair value...

Groupe SEB : Neutral (hold) recommendation on the new SKFP 30 notes

Seb Yesterday, Seb completed the placement of a €500m bond maturing in June 2030. The IPT opened at “ms+185bp area,” then guidance was lowered to “ms+155bp area,” and ultimately the bonds were placed at ms+150bp (coupon 3.625%, reoffer 99.556%). The leads reported that they had received nearly €2.1bn in orders. We are initiating coverage of these new SKFP 30 bonds with a Neutral (hold) recommendation, as the final pricing is virtually in line with our fair value. In our view, Seb has an Invest...

Groupe SEB : Issuance Focus

Seb is returning to the bond market with an offering of € 500m five-year notes which will be used to refinance the SKFP 1.375% 2025 notes due on 16 June 2025. Although the group is a regular issuer of commercial paper and schuldschein debt, it rarely taps the bond market and does not have an issuer rating with S&P, Moody's or Fitch. The new bond offering will therefore be "priced" as "non-rated" and should therefore offer a premium over rated comparable bonds.

Groupe SEB : Focus Emission

Seb revient sur le marché obligataire pour émettre 500 m EUR à 5 ans, qui vont servir à refinancer la souche SKFP 1.375% 2025, arrivée à terme le 16 juin. Si le groupe est un émetteur régulier de billets de trésorerie et de schuldschein, il fait rarement appel au marché obligataire et n’a d’ailleurs pas de rating Emetteur attribué par S&P, Moody’s ou Fitch. Cette nouvelle obligation sera par conséquent « pricée » comme étant « sans rating » et devrait donc offrir une prime par rapport à des comp...