EU REAL ESTATE: Nepi Rockcastle (NEPSJ: BBB/BBB+) Business Update
May-16 07:20
Steady performance. Development progressing in Romania and Bulgaria.
• NOI increased +12.6% to €152m driven by Polish acquisitions; Like-for-like +5%.
• Tenant sales +3.7% lfl ex-hypermarkets.
• LTV reported at 31.2% for quarter end and 32.9% following dividend in April. Low nevertheless.
• Vacancy is low at 1.7% for retail and 2.0% overall.
• Rent collection 98% for Q1. 99.7% for 2024.
• Reaffirms guidance given in February.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSY FUTURES: FV/US Steepener Blocked
Apr-16 07:16
Latest block trade lodged at 07:53:36 London/02:53:36 NY:
- FVM5 8.2K lots blocked at 108-09+.
- USM5 2.8K lots blocked at 114-22.
- Subsequent price action on the 5s20s curve points to a steepener, DV01 ~$355K.
- 5s20s curve back towards cycle closing highs at 89.7bp, last 86.2bp.
Fig. 1: U.S. 5s20s Curve (bp)
Source: MNI - Market News/Bloomberg
STIR: ECB Implied Rates Up To 2bps More Dovish On Renewed Risk Off
Apr-16 07:12
MNI’s ECB preview is here.
- What was originally seen as a close call after last month’s fifth consecutive cut is now seen as locked in, with 24bps priced in ECB-dated OIS, after the yet further escalation in global trade policies on the back of US tariffs.
- Last month saw “not just […] an innocuous little change” in the language describing its policy stance, with monetary policy “becoming meaningfully less restrictive” rather than a more static restrictive previously. Some look for a further change although we think that might be a step too far this month, with a hybrid approach including a nod to an increasingly neutral setting a viable alternative.
- OIS price 85bps of easing through year-end, 2bps more dovish than yesterday’s close with risk assets on the defensive. The US is attempting to restrict NVIDIA from selling its H20 chip to China, while President Trump also announced an investigation into the need for tariffs on critical minerals.
- Euribor futures are +1.0 to +4.5 ticks through the blues, with the greens/blues outperforming. ERZ5 is +1.5 ticks at 98.295, eyeing resistance at the April 7 and 9 highs of 98.335.
- Today’s regional data calendar includes final March HICP data and February balance of payments data.
| Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
| Apr-25 | 2.175 | -24.1 |
| Jun-25 | 1.975 | -44.1 |
| Jul-25 | 1.850 | -56.6 |
| Sep-25 | 1.700 | -71.6 |
| Oct-25 | 1.642 | -77.4 |
| Dec-25 | 1.569 | -84.7 |
| Feb-26 | 1.544 | -87.2 |
| Mar-26 | 1.535 | -88.1 |
| Source: MNI/Bloomberg. | ||
EGBS: Bund put spread
Apr-16 07:11
RXK5 129.5/128.5ps 1x2, bought for 1 in 2k.
