EU REAL ESTATE: Property: Week in Review
Jun-06 14:39
Another strong week as low frequency borrowers performed very well such as Mercialys, AXACore, and TAG Immo.
- AMVest, like Werfen in Healthcare, raised understanding of its name with a roadshow which inspired a 23bps rally in its outstanding 30s. The new 31s had an 11x book and priced well inside FV. We did caution that the 30s could move tighter.
- CityCon 28s moved 23bps tighter following the tender of €100m 27s.
- CPI Property 29s were 16bps better as the company has agreed to issue around €2.5bn new equity or convertibles.
- Deutsche Euroshop – a Є4bn Shopping Centre owner - is marketing an inaugural deal. Exposure to Fashion (48%) and the presence of a Private Equity investor, Oaktree, with a significant stake are a concern but the stores are well positioned, and Germany has limited space for large retail developments.
- Cofinimmo and Aedifica agreed their merger. The combined group is likely to be BBB+ with S&P.
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BTP: The Italian 10yr Yield is set to test the April low
May-07 14:37
- The Italian BTP is now testing that April high of 120.57, so far printed a 120.55 high.
- Worth noting that Technical also sees the next resistance at 120.65 1.382 proj of the Mar 14 - Apr 4 - 9 price swing.
- While in Yield the 3.537% April low also equates near that level at 120.68, an interesting area here.
(Chart source: MNI/Bloomberg).
MNI EXCLUSIVE: MNI Speaks to Evan Koenig on Economic Outlook
May-07 14:35
- MNI speaks to Evan Koenig, former senior aide to the president of the Dallas Fed, on the economic outlook -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
US TSY FUTURES: BLOCK: Jun'25
May-07 14:33
Block 2s10s steepener crossed at 1025:00ET, DV01 $ 320,000
- +8,500 TUM5 103-22.62, post time bid vs.
- --5,000 TYM5 111-12, sell through 111-12.5 post time bid
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