Henkel Free Cash Flow to Support Tight Bond Spreads -- Market Talk
January 25 2017 - 6:48AM
Dow Jones News
Henkel's strong free cash flow generation should help the German
consumer-goods group remain an A-rated name, despite pressure on
credit ratios from the acquisition of Sun Products. UniCredit
resumes coverage on Henkel bonds with a marketweight
recommendation, even though they trade at tight levels. Henkel
caught investors' attention last September when it was effectively
paid to finance part of the takeover of Sun Products when it issued
M&A-related euro bonds at a negative yield. Together with a
Sanofi issue on the same day, they were the first euro corporate
bonds to be issued at a negative yield.
(tasos.vossos@wsj.com, @tasosvos)
(END) Dow Jones Newswires
January 25, 2017 06:33 ET (11:33 GMT)
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