6% επιτόκιο στο ομόλογο του Ελλάκτωρα? Παρά την (καλή) αξιολόγηση BB από την Fitch? Έτσι εξηγείται η κακή συμπεριφορά στο ταμπλό
Ellaktor’s EU600m Notes Are Said to Be Indicated in 6-7% Range
2019-12-04 10:50:34.771 GMT
By Laura Benitez
(Bloomberg) -- Unofficial price indications for Ellaktor
Value’s EU600m ($664m) 5NC2 notes are in the 6 to 7% yield range, according to people familiar with the sale, who asked not to be identified because the information is private.
* Official price talk, which is expected to emerge later on Wednesday, could widen to the 7.5% yield range with the range currently being talked at between 4% to 8%, some of the people said
* Infrastructure company Ellaktor is tapping into investor demand for sustainable investments and Greek corporate credit to refinance existing debt and a green bond loan
NOTE: Greek Company Ellaktor Plans to Sell Rare Green Junk Bond
* Interest for the notes is coming from a wide range of investors, including European and local demand, as well as some interest from hedge funds, according some of the people
* Standard & Poor’s has rated the proposed notes B, and Fitch Ratings at BB
* At the wider end of the range, the deal would be pricing with a premium compared to the average B rated junk-bond yields of 5.2%, according to Bloomberg Barclays index data
** The same data suggests that the average yield for BB rated bonds stands at 2.3%
* Investors are said to be asking for a premium on the new notes to compensate for the company’s complex structure and country exposure
* HSBC Bank Plc, Citigroup Global Markets Ltd. and JPMorgan Securities are acting as joint global coordinators and joint bookrunners on Ellaktor’s bond offering
To contact the reporter on this story:
Laura Benitez in London at lbenitez1@bloomberg.net
To contact the editor responsible for this story:
Vivianne Rodrigues at vrodrigues3@bloomberg.net
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