EU REAL ESTATE: New Immo: 5yr

2.75% Dec-32 EU-bond

• Reoffer 99.114 to yield 2.889%
• Spread set at MS + 34bps (guidance was MS + 36bps area)
• Size: E5bln - in line with initial guidance (MNI expected E4-5bln)
• Final books in excess of E96bln (inc E7bln JLM interest)
• HR 105% vs 1.70% Aug-32 Bund 42.2bps. Spot ref: 95.220 / 2.467%

New 15-year 3.625% Dec-40 

• Reoffer 99.518 to yield 3.666%
• Spread set at MS + 75bps (guidance wasMS + 77bps area
• Size: E6bln - up from initial E5bln guidance (MNI expects E5-6bln)
• Final books in excess of E79bln (inc E6.75bln JLM interest)
• HR 98% vs 2.60% May-41 Bund 55.2bps. Spot ref: 93.720 / 3.114%
• ISIN: EU000A4EJF17
• Coupon: 3.625%. Long first
• Maturity: 12 December 2040

For both:

• JLMs: BNP Paribas (B&D/DM), Citi, Deutsche Bank, DZ BANK and Santander
• Settlement: 14 October 2025 (T+5)
• Timing: TOE 13.46 BST / 14:46 CET. FTT Immediately

From market source / MNI colour

• MNI: US REDBOOK: OCT STORE SALES +6.1% V YR AGO MO
• US REDBOOK: STORE SALES +5.8% WK ENDED OCT 04 V YR AGO WK

• +10,000 SFRZ5 96.62/96.75 call spds 0.5 ref 96.32
• +15,000 SFRZ5 96.62/96.68 call spds, cab vs. 96.30/0.05%
• Update, +12,500 SFRZ5 96.43/96.50/96.56 call flys, 0.25