Credit Morning 05/21/2025

Ardagh: negotiations with bondholders at a standstill|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/21/2025

Morning Crédit 21/05/2025

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

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/21/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 21/05/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 21/05/2025

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...

ODDO : ABI statistics (April 2025): reassuring overall trend

ODDO : Statistiques ABI (avril 2025) : évolution globalement rassurant...

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|

Hornbach Holding AG & Co KGaA: 1 director

A director at Hornbach Holding AG & Co KGaA bought 1,600 shares at 104.891EUR and the significance rating of the trade was 67/100. 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 t...

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|