ASF, a highway subsidiary of VINCI, has issued a 500 million euro bond maturing in January 2034, according to a press release published on January 12. The issue was nearly four times oversubscribed.
ASF has placed a bond issue of 500 million euros maturing in January 2034, the group indicates. The bond carries an annual coupon of 3.375%. The transaction was carried out under the company's EMTN program. According to the press release, this issue allows ASF to extend the average maturity of its debt.
Market Confidence and Subscription Details
Free · Every morning
Technical market signals, before the opening bell.
Bullish and bearish momentum, analyst changes, stocks to watch — automatically computed from Euronext data.
✓ Before 9 AM every morning✓ Euronext data✓ AI-powered analysis
Almost there! Check your inbox.
A confirmation email has been sent. Click the link to confirm your subscription.
An error occurred.
Indicative data. No investment advice. Unsubscribe at any time.
The issue was nearly four times oversubscribed, the press release specifies. This strong demand reflects, according to the company, the market's confidence in the credit quality of the company. ASF holds a credit rating of A- with a stable outlook from Standard & Poor's, and a rating of A3 with a stable outlook from Moody's. The Bookrunners of the operation are BNP Paribas and Natixis as Global Coordinators, accompanied by BofA Securities, CaixaBank, Commerzbank, NatWest Markets NV, RBC Capital Markets, and Santander.
Operational Context and Company Profile
According to the group, the operation was carried out under excellent conditions given the current market environment. ASF is a subsidiary of VINCI, a global leader in concessions, energy services, and construction. The VINCI group employs 285,000 people in more than 120 countries and focuses on the design, financing, construction, and management of infrastructure and facilities.
VINCI a réalisé en 2025 une performance en hausse. La progression du chiffre d’affaires s’est accompagnée d’une nouvelle amélioration des résultats opérationnels.
Chiffre d’affaires 2025 de 74,6 milliards d’euros; EBITDA 13,5 milliards; résultat net part du Groupe 4,9 milliards; cash-flow libre 7,0 milliards; endettement net en baisse; dividende proposé 5,00 euros par action; perspectives 2026 positives.
Outlook / guidance
Expected revenue: Le chiffre d’affaires en 2026 est attendu en hausse par rapport à 2025, avec des progressions dans les concessions, les services à l’énergie et la construction, et un cash-flow libre estimé autour de 6 milliards d’euros en première approche, sous réserve d’un niveau d’activité et d’un cadre fiscal inchangé.
Expected EBITDA: La direction prévoit une nouvelle progression en 2026, sans chiffre précis communiqué.
Expected net income: La direction anticipe une progression du résultat net part du Groupe en 2026, sous réserve d’un exercice stabilisé.
Management commentary: La direction affirme sa discipline financière et son positionnement sur les trois métiers, avec un accent sur la génération de cash-flow et la création de valeur.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
