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MarketScreener Homepage  >  Equities  >  Xetra  >  Covestro AG    1COV   DE0006062144

COVESTRO AG

(1COV)
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Delayed Quote. Delayed Xetra - 07/10 11:35:06 am
35.19 EUR   +0.74%
07/10COVESTRO : Gets a Neutral rating from UBS
MD
07/10COVESTRO : Buy rating from Deutsche Bank
MD
07/10COVESTRO : Independant Research reaffirms its Neutral rating
MD
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Covestro : successfully issues EUR 1.0 billion Eurobond

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06/05/2020 | 12:46pm EDT
  • Placement in two tranches with maturities of 5 years and 10 years
  • Investor demand was exceptionally high with the orderbook being more than 10 times oversubscribed
  • CFO Dr. Thomas Toepfer: 'Even in these challenging times, the capital market has continued confidence in Covestro and our robust financial policies.'

On June 5, 2020, Covestro successfully placed a Eurobond with a total volume of EUR 1.0 billion in the capital markets. The bond was issued in two tranches maturing February 2026 and June 2030 and pays a coupon of 0.875% and 1.375% respectively. Investor demand was exceptionally high with the orderbook being more than 10 times oversubscribed.

The transaction allows Covestro to extend the average maturity of its bonds substantially. Proceeds of the bond placement will be used to further strengthen Covestro's liquidity in the current macroeconomic environment with the impact of the coronvirus pandemic, as well as providing funds for the 2021 bond maturity.

'The exceptional demand from investors for our bond clearly demonstrates that even in these challenging times, the capital market has continued confidence in Covestro and our robust financial policies', said CFO Dr. Thomas Toepfer. 'The placement of EUR 1.0 billion Eurobond with long-dated maturities is part of our program to build substantial liquidity reserves whilst capturing attractive terms and pricing.'

Covestro was supported on this issuance by BNP Paribas, Bank of America, Commerzbank, and UniCredit as bookrunners.

About Covestro:

With 2019 sales of EUR 12.4 billion, Covestro is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 17,200 people (calculated as full-time equivalents) at the end of 2019.

Find more information at www.covestro.com.
Follow us on Twitter: https://twitter.com/covestro

Forward-looking statements

This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Disclaimer

Covestro AG published this content on 05 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 June 2020 16:45:06 UTC

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Financials
Sales 2020 9 854 M 11 134 M 11 134 M
Net income 2020 -18,1 M -20,4 M -20,4 M
Net Debt 2020 1 458 M 1 647 M 1 647 M
P/E ratio 2020 -280x
Yield 2020 3,53%
Capitalization 6 435 M 7 280 M 7 271 M
EV / Sales 2019
EV / Sales 2020 0,80x
Nbr of Employees 17 014
Free-Float 92,4%
Chart COVESTRO AG
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Technical analysis trends COVESTRO AG
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 36,30 €
Last Close Price 35,19 €
Spread / Highest target 44,9%
Spread / Average Target 3,14%
Spread / Lowest Target -31,8%
EPS Revisions
Managers
NameTitle
Markus Steilemann Chief Executive Officer
Richard Pott Chairman-Supervisory Board
Thomas Toepfer Chief Financial Officer & Labor Director
Klaus Schäfer Chief Technology Officer
Petra Kronen Vice Chairman-Supervisory Board
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