reports
- Roy Külter
- Steven Boumans
- Farid Bitari
- Nicolas David
- Farid Bitari
- Nicolas David
- Carole Braudeau
Credit Morning 11/26/2025
Celanese’s CFR downgraded by Moody’s with the outlook still negative|Plan to transfer all Auchan supermarkets to the Intermarché and Netto brands via a franchise agreement.|Mobilux: Q1 earnings down sharply but no leverage impact thanks to strong cash generation|Forvia: bids expected this week for the Interiors division, with a valuation of € 1.8-2.0bn|
- Carole Braudeau
Morning Crédit 26/11/2025
Celanese’s CFR downgraded by Moody’s with the outlook still negative|Projet de passage de tous les supermarchés Auchan sous enseigne Intermarché et Netto via un contrat de franchise|Mobilux : des résultats T1 en net repli mais sans impact levier grâce à une forte génération de cash|Forvia : des offres attendues cette semaine pour la division Interiors, avec une valorisation de 1.8-2.0 mds EUR|
- Jeremy Garnier
- Oliver Metzger
- Jeremy Garnier
- Oliver Metzger
- Jeremy Garnier
- Aurelien Sivignon
- Jeremy Garnier
- Elias New
- Philip Hettich
- Manuel Martin
- CEFA
- CREA
- Aurelien Sivignon
- Jeremy Garnier
- Pierre François Merveille
Canal+ : Issuance Focus
French pay-TV operator Canal+ plans to tap the bond debt markets with an inaugural issue of € 500m of 5-year unsecured notes. Net proceeds will be used to reduce the size of the € 1.46bn outstanding bridge loan that was drawn to fund the acquisition of Multichoice, an African pay-TV operator that will complement Canal+’s footprint on this continent. We recommend subscribing to the new bonds at a min. yield of 3.80% (min. spread of MS+ 135bp).
- Pierre François Merveille
Canal+ : Focus Emission
French pay-TV operator Canal+ plans to tap the bond debt markets with an inaugural issue of € 500m of 5-year unsecured notes. Net proceeds will be used to reduce the size of the € 1.46bn outstanding bridge loan that was drawn to fund the acquisition of Multichoice, an African pay-TV operator that will complement Canal+’s footprint on this continent. We recommend subscribing to the new bonds at a min. yield of 3.80% (min. spread of MS+ 135bp).
- Ghada Ben Sedrine
- Nicolas David
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