• Baa2 pos AMVCUS 3.875 30s trade wider than low/mid BBB Residential issuers. It is worth doing some homework on the name ahead of the upcoming 6yr Green deal.
• Owns 11.2k apartments focused on the low-mid-end of the Dutch Residential market. Mainly in the 4 largest cities.
• GAV is small at €4.1bn but LTV is very low at 23.2% with a target 25% and max 30%. The other names in the chart are mid 30s- mid 40s LTV.
• Interest coverage comes in at 4.2x (NRI/Gross Interest). Kojamo, Sato and Balder are all <3x.
• The Dutch residential market is very strong. The biggest risk is legislative rather than economic. Occupancy is 98.2% - at the upper end of the sector.
• Management is Aegon and PGGM with 23 institutional shareholders. The company aims for low risk, stable dividends, long-term value growth.
• AMVCUS 30s screening z+160/157. TEGGR +147; VVOYHT +141; GYCGR +137
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The trend set-up in USDCAD deteriorated further Friday, with prices slipping through the bear trigger to narrow the gap with next support. The fresh cycle low reinforces the bear cycle and signals scope for a continuation near-term. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Moving average studies are in a bear mode position, highlighting a dominant downtrend. First resistance to watch is 1.3943, the 20-day EMA.
AUDUSD remains inside a consolidation phase, having traded either side of the 0.6400 level for 10 consecutive sessions. The underlying trend remains bullish and the pair is trading close to recent highs. Price has recently breached a key resistance at 0.6409, the Dec 9 ‘24 high. This breach reinforces bullish conditions and signals scope for a continuation higher near-term. Sights are on 0.6471 next, the Dec 9 2024 high. Initial key support to monitor is 0.6316, the 50-day EMA. A clear break of this EMA would be a concern for bulls.