EU REAL ESTATE: Aroundtown (ARNDTN): Euro Tender
Dec-04 13:23
(ARNDTN; NR/BBB/NR)
• Proceeds from today's GBP deal will be ~€450m
• AroundTown needs to purchase €357.5m of the ARNDTN 4.8% 29 to be able to trigger the Clean-Up Call at Par.
• 650m original issue. Threshold is 20% (€130m) and €487.5m are outstanding.
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EQUITIES: UBS' CTA Exit Triggers Remain Some Distance Away Despite Pullback
Nov-04 13:22
UBS write “continuous positive price action in equities has been very profitable for CTAs in the last three months. Strong Q3 earnings are not derailing the trend, encouraging CTAs to stay put despite heavy positioning”.
- Based on their forecasting model they suggest that “only a 2std downturn scenario will spark some CTA selling, with 6,650 (S&P)/5,450 (SX5E)/9,250 (FTSE100)/46,700 (NIKKEI) acting as respective trigger points”.
- Those levels remain some distance away, despite the previously detailed pullback in equities (which has started to reverse). This suggests that CTA liquidation did not play a part in the equity weakness witnessed during Asia & early London trade.
CAD: FX Exchange traded Call seller
Nov-04 13:17
CADUSD (5th Dec) 72.00c, sold at 0.08 in ~1.9k.
AUD: FX Exchange traded Option
Nov-04 13:15
AUDUSD (5th Dec) 67.00c, sold at 0.06 in ~2.16k.
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