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|

Morning Crédit 20/05/2025

Suedzucker lance le placement d’une obligation hybride PerpNC5.25 et va racheter les anciennes|Avolta : nouvelle émission obligataire de 500 m EUR sur 7 ans NC3|IGT renouvelle sa concession de Lotto : une bonne et une mauvaise nouvelle|Teva : projet d’émission d’obligations SLN de 2 mds USD et tender sur des souches 2026-2031|Groupama a émis un nouveau Tier 2 2035 à MS+190 bp|

SPIE : Issuance Focus

SPIE is offering new 5-year sustainability-linked unsecured notes (benchmark size). Proceeds from the bond issue will be used for general corporate purposes and to refinance the existing € 600m unsecured notes due in June 2026 in order to maintain a solid liquidity position. We recommend subscribing to the new notes at a yield of 3.75% or above.

SPIE : Focus Emission

SPIE is offering new 5-year sustainability-linked unsecured notes (benchmark size). Proceeds from the bond issue will be used for general corporate purposes and to refinance the existing € 600m unsecured notes due in June 2026 in order to maintain a solid liquidity position. We recommend subscribing to the new notes at a yield of 3.75% or above.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: TK Elevator, Trivium, SPIE, Ahlstrom, NewDay, Italmatch Chemicals, Manuchar, Asmodee, Allwyn (formerly Sazka), Sunrise, Telecom Italia, Altice France (SFR), Teva, Borr Drilling, AMS Osram, Victoria, Cerba, EVOCA, Solenis

Avolta : You have arrived

Avolta bonds had all slightly outperformed the 'BB' universe over the past year, and more strongly since ‘Liberation Day’ on 2 April, before rumours of interest from CVC Capital Partners on 6 May disturbed their performance, given possible early redemption provisions. In this report, we have updated our recommendation to Neutral (Hold) vs. Buy to reflect current bond price levels which now offer less upside potential despite the still highly defensive nature of the name (see solid and resilient ...

Avolta : Vous êtes arrivés à destination

Les obligations Avolta avaient toutes légèrement surperformé l’univers BB depuis un an, et de manière plus prononcée depuis le « Liberation Day » du 02/04, avant que la rumeur d’un intérêt de CVC Capital Partners le 6 mai dernier ne vienne s’inviter dans la performance, à la lumière des possibles clauses de remboursement anticipé. Dans cette étude, nous mettons à jour nos recommandations à Neutre (conserver) vs. Achat auparavant afin de refléter les niveaux de prix actuels des obligations qui of...

Credit Morning 05/16/2025

Reportedly, Bayer thinks about sending Monsanto into chapter 11 to solve litigation|Teva: Moody’s upgrades the rating to Ba1/stable from Ba2/positive|Techem Q2 25 call notes: Likely no imminent call of EUR 750 Temporary Notes|Crédit Logement released its 2024 results|BFCM announces the call for its Perp CMS on 16/06/2025|

Morning Crédit 16/05/2025

Reportedly, Bayer thinks about sending Monsanto into chapter 11 to solve litigation|Teva : Moody’s rehausse le rating de Ba2/positive à Ba1/stable|Techem Q2 25 call notes: Likely no imminent call of EUR 750 Temporary Notes|Crédit Logement a publié ses résultats 2024|BFCM annonce le call de son Perp CMS à la date du 16/06/2025|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/15/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 15/05/2025

Credit Morning 05/15/2025

Maxeda: solid Q4 results and Q1 expected to be strong. Further bond buybacks.|Ubisoft: sharp decline in 2024/25 earnings, no rebound expected in 2025/26|Forvia is considering selling its spare parts division|Techem Q2 25 results: Good earnings print; ownership change and mandatory call remain open|

Avolta : Q1 slightly above expectations. Guidance confirmed

Morning Crédit 15/05/2025

Maxeda : de bons résultats T4 et un T1 qui devrait l’être tout autant. Poursuite des rachats de dettes.|Ubisoft : résultats 2024/25 en forte baisse, pas de rebond attendu en 2025/26|Forvia envisagerait la cession de sa division de pièces détachées|Techem Q2 25 results: Good earnings print; ownership change and mandatory call remain open|

Avolta : Un T1 légèrement au-dessus de attentes. Guidance confirmée

Credit Morning 05/07/2025

CVC Capital Partners is considering a bid for Avolta (Sky News)|Coty : new profit warning|Golden Goose is preparing a € 480m senior secured FRN issue|AccorInvest : Plan for a €1.25 bn bond issue and new syndicated loan|BPCE delivers strong Q1 2025 results|

Morning Crédit 07/05/2025

CVC Capital Partners étudierait une offre d’achat sur Avolta (Sky News)|Coty : nouveau profit warning à l’issue du T3|Golden Goose prépare une émission obligataire FRN de 480 m EUR|AccorInvest : Projet d’un placement obligataire de 1.25 md EUR et mise en place d’un nouveau crédit syndiqué|BPCE délivre de solides résultats T1 2025|

Credit Morning 04/30/2025

Flos B&B Italia: after strong Q4 results, the start of the year is proving much more difficult|ams OSRAM: Q1 2025 results ahead of expectations, strategic options considered for certain assets|Viridien: a good set of Q1 2025 results, and FY 2025 FCF guidance confirmed|