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...
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