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Bureau Veritas: New 12yr Tomorrow's Business

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Bureau Veritas (BVIFP: A3) : New Issue 12yr expected tomorrow

  • BVIFP bond investors will be pleased that the company was assigned A3 by Moody's in April.
  • The volatility of the 27s back in 2022 was extreme and unwarranted but not unusual for an unrated, thinly-covered credit. This should be a thing of the past.
  • Wendel have reduced their stake to 26.5% from 35.5% in March '23.
  • Comps Experian, RELX, Moodys, EdenRed - none are ideal but all in the Professional Corporate Services sector.
  • We would expect a 12yr to come close to ms+95

Roadshow {https://dealroadshow.finsight.com/e/PHOENIX24MAY/30}


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