The fifth ODDO BHF Iberian Forum was held virtually, gathering 62 Iberian issuers and close to 200 institutional investors, making it one of the largest dedicated Iberian conferences of the year. The event generated 47 feedbacks, 6 target price revisions (including 4 downgrades), and a rating downgrade for Ence. The main topics of discussion were the impact of US tariffs and a weak USD on industrial companies, concerns about final demand in Europe and the US, and the sustainability of Spain’s ec...
Yesterday, Séché Environnement quickly placed an initial hybrid bond worth €300m. The aim is clearly to strengthen its credit ratios (as this type of debt is accounted as equity under IFRS and as 50% debt/50% equity by rating agencies) in anticipation of the Flamme acquisition for an enterprise value of around €320m, which should be finalized by the end of the year or early 2026. The IPT started generously at “6.625% area,” then the guidance was reduced to “6.125% area” and finally to 6%... Acco...
Séché Environnement a très rapidement placé hier une première obligation hybride de 300 m EUR. L’objectif est clairement de renforcer ses ratios de crédit (ce type de dette étant comptabilisé en fonds propres en IFRS et à 50% dette/50% fonds propres par les agences de rating) en préparation du rachat de Flamme pour un VE d’environ 320 m EUR et qui devrait être finalisé d’ici la fin de l’année ou début 2026. L’IPT a démarré généreusement à « 6.625% area », puis la guidance a été réduite ...
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