reports
- Cor Kluis
- Pierre Tegner
- Maissa Keskes
- Stephane Houri
- Tobias Fahrenholz
- Juan Ros-Padilla
- Fehmi Ben Naamane
- Mateo Salcedo
Air France-KLM : New € 650m 5Y notes to refinance upcoming debt maturi...
Air France-KLM was back into the bond market last week through the issuance of a € 650m (upsized from € 500m) 5Y bond priced at MS+150bps (i.e. a yield of 4.0%), which is below the price guidance (MS+155bps) and significantly tighter than the IPT (MS+190bps). Proceeds from the transaction will be used for general corporate purposes namely to refinance debt due in 2026. While the overall transaction is net leverage neutral, AF-KLM will see its annual interest payments reduce by c.€ 12m once the M...
- Mateo Salcedo
Air France-KLM : New € 650m 5Y notes to refinance upcoming debt maturi...
Air France-KLM was back into the bond market last week through the issuance of a € 650m (upsized from € 500m) 5Y bond priced at MS+150bps (i.e. a yield of 4.0%), which is below the price guidance (MS+155bps) and significantly tighter than the IPT (MS+190bps). Proceeds from the transaction will be used for general corporate purposes namely to refinance debt due in 2026. While the overall transaction is net leverage neutral, AF-KLM will see its annual interest payments reduce by c.€ 12m once the M...
- Bruno Cavalier
Economic Outlook 2026 –Time for a new stress test
In 2025, the world surprised by its ability to absorb shocks. After brief concerns that Trump’s tariff threats would cause stagflation, the markets switched back into “Goldilocks” mode. For 2026, the basic ingredients are growth at its potential rate, a little disinflation and a policy mix combining monetary neutrality and fiscal stimulus (in the US, Germany and Japan). However, a year marked by a new chairman at the Fed and US mid-term elections is unlikely to be a wholly calm one. Numerous imb...
- Bruno Cavalier
Perspectives économiques 2026 – En route pour un nouveau stress test
En 2025, l’économie mondiale a surpris par sa capacité d’absorption des chocs. Après avoir brièvement craint que les menaces tarifaires de Trump causent une stagflation, les marchés sont repassés en mode "Goldilocks". Pour 2026, les ingrédients de base sont une croissance au potentiel, un peu de désinflation et un policy-mix alliant neutralité monétaire et stimulation fiscale (US, Allemagne, Japon). Toutefois une année marquée par un changement de tête à la Fed et des élections US de mi-mandat n...
- Stephane Houri
IFX INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
IPN IPSEN SA
DG VINCI SA
WCH WACKER CHEMIE AG
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NK IMERYS SA
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G1A GEA GROUP AG
APAML APERAM SA
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IDL ID LOGISTICS GROUP
GBF BILFINGER SE
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POM PLASTIC OMNIUM SE
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SCR SCOR SE
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PHA PHARMAGEST INTERACTIVE SA
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GLO GL EVENTS SA
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
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SOI SOITEC SA
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KRN KRONES AG
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AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
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ALBFR SIDETRADE SA
ANDR ANDRITZ AG
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FTG111 FLATEXDEGIRO AG
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TFF TFF GROUP
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STM STABILUS SE
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PLNW PLANISWARE
EXENS EXOSENS
4X0 STEYR MOTORS AG
HAVAS HAVAS N.V
PFSE PFISTERER HOLDING SE
ATO ATOS SE
SHA SCHAEFFLER AG
- Carole Braudeau
- Emmanuel Matot
- Oliver Metzger
- Stephane Houri
IPS IPSOS
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
CBK COMMERZBANK AG
LXS LANXESS AG
GAMA GAMMA COMMUNICATIONS
MRK MERCK KGAA
BOSS HUGO BOSS AG
BAS BASF SE
AIXA AIXTRON SE
KGX KION GROUP AG
FTG111 FLATEXDEGIRO AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
AGR AGRANA BETEILIGUNGS-AG
ENR SIEMENS ENERGY AG
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
PFSE PFISTERER HOLDING SE
- Oliver Metzger
- Stephane Houri
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
CBK COMMERZBANK AG
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
WTB WHITBREAD PLC
LXS LANXESS AG
MRK MERCK KGAA
BOSS HUGO BOSS AG
BAS BASF SE
CAP CAPGEMINI SE
AIXA AIXTRON SE
SQN SWISSQUOTE GROUP HOLDING AG
KGX KION GROUP AG
BC BRUNELLO CUCINELLI S.P.A.
FTG111 FLATEXDEGIRO AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
MRNA MODERNA INC.
BNTX BIONTECH SE
ENR SIEMENS ENERGY AG
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ZAB ZABKA GROUP
PFSE PFISTERER HOLDING SE
- Carole Braudeau
- Emmanuel Matot
- Oliver Metzger
- Stephane Houri
IPS IPSOS
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
CBK COMMERZBANK AG
LXS LANXESS AG
GAMA GAMMA COMMUNICATIONS
MRK MERCK KGAA
BOSS HUGO BOSS AG
BAS BASF SE
AIXA AIXTRON SE
KGX KION GROUP AG
FTG111 FLATEXDEGIRO AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
AGR AGRANA BETEILIGUNGS-AG
ENR SIEMENS ENERGY AG
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
PFSE PFISTERER HOLDING SE
- Oliver Metzger
- Stephane Houri
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
CBK COMMERZBANK AG
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
WTB WHITBREAD PLC
LXS LANXESS AG
MRK MERCK KGAA
BOSS HUGO BOSS AG
BAS BASF SE
CAP CAPGEMINI SE
AIXA AIXTRON SE
SQN SWISSQUOTE GROUP HOLDING AG
KGX KION GROUP AG
BC BRUNELLO CUCINELLI S.P.A.
FTG111 FLATEXDEGIRO AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
MRNA MODERNA INC.
BNTX BIONTECH SE
ENR SIEMENS ENERGY AG
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ZAB ZABKA GROUP
PFSE PFISTERER HOLDING SE
- Stephane Beyazian
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