EU REAL ESTATE: Castellum (CASTSS): Price of Consent
Nov-27 10:42
(CASTSS; Baa2/BBB/NR)
• CASTSS 0.875 29 is screening +18c
• The bond has ~7.5pts upside if it were to be accelerated following an Event of Default.
• The company is asking for Consent to change 10.1 (f) from "a substantial part" of the business to "substantially the whole".
• Bond holders may feel that the 25c Consent Fee is too low given that the company appears to want to pursue a considerable reorganisation of its portfolio.
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GERMAN AUCTION RESULTS: Weak 2.20% Oct-30 Bobl Results
Oct-28 10:41
- Another weak German auction today of the 2.20% Oct-30 Bobl. Amount of bids remained roughly unchanged vs October 7, when the line was last issued.
- Demand metrics remained very weak despite picking up marginally vs Oct 7: The auction was technically uncovered with a 0.94 bid-to-offer. Bid-to-cover also low at 1.24x. The lowprice achieved at the auction was above the pre-auction secondary market midprice, however.
- No discernible market reaction following the results.
ECB: Panetta Sees EUR Strength Eroding EZ Competitiveness
Oct-28 10:33
"ECB'S PANETTA: EURO APPRECIATION IS SIGNIFICANTLY ERODING PRICE COMPETIVENESS OF EU PRODUCTS" - Reuters
GERMAN AUCTION RESULTS: 2.20% Oct-30 Bobl
Oct-28 10:31
| 2.20% Oct-30 Bobl | Previous | |
| ISIN | DE000BU25059 | |
| Total sold | E4bln | E4.5bln |
| Allotted | E3.02bln | E3.405bln |
| Avg yield | 2.21% | 2.31% |
| Bid-to-offer | 0.94x | 0.84x |
| Bid-to-cover | 1.24x | 1.11x |
| Avg Price | 99.92 | 99.48 |
| Low Price | 99.91 | 99.48 |
| Pre-auction mid | 99.900 | 99.467 |
| Previous date | 07-Oct-25 |
