EU REAL ESTATE: Property: Week in Review
Sep-26 13:09
Some solid performance this week: PUPRIN 32 -14bps; CASTSS 29s -19bps; ALTAFP 28s -19bps. Overall 2bps tighter on average making property the best sector.
- AroundTown announced a Tender for up to €1.25bn of 2026 and 2029 notes. The EUR 29s is capped at €300m. The USD 29s have an 80% clean-up call which the company has said it may use. ARNDTN also issued a new €850m 5.25yr.
- Nepi Rockcastle also did a tender + new issue. Partially taking out 2026 & 27 bonds and issuing an 8yr €500m.
- Swiss Prime Site is an inaugural EUR borrower. The company directly owns CHF 13.3bn of, predominantly, office and retail assets. It also manages a further CHF 13.7bn. The €500m 6yr A3 rated deal came just inside Colonial and close to the Merlin curve.
- Kojamo was moved to Stable from Negative. VVOYHT bonds -8bps tighter.
- CTP NV’s capital markets day showed ambitions to more than double gross leasable area by 2030 whilst maintaining LTV and other targets.
- Klepierre’s €500m 12yr came 4bps inside FV and rallied another 4bps. Books were nearly 3.5x.
- Public Storage made a rare visit to Euros to fund the upcoming 2025 maturity.
- CityCon bonds widened 11bps late on Friday following yet another management change. The COO role has been removed as the company moves to a local country model. Equity was unchanged.
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US TSYS: Curve Steeper
Aug-27 13:03
2s30s briefly tops 130bp, registering the highest level seen since January ’22.
- The ’22 high (133.8bp) presents the next upside level of note in the spread.
- Moves comes as OATs lead a leg of weakness in long end EGBs.
- Meanwhile, although NY Fed President Williams stresses that the risks to the labour market and inflation are moving closer towards being balanced, along with each Fed meeting being “live” and the need to bring rates down over time, he doesn’t make a strong case for a rate cut in Sep, leaving OIS pricing for that meeting little changed at ~22bp of easing.
SOFR OPTIONS: BLOCK: Sep'25 SOFR Call Condors
Aug-27 13:01
- 5,700 SFRU5 96.00/96.06/96.18/96.25 call condors 0.5 ref 95.89 at 0846:01ET
OAT: French 10yr Yield levels update
Aug-27 13:00
French 10yr Yields level update, Today reference 121.75:
- 3.550% = 121.44 vs 121.39 last Week.
- 3.631% = 120.66 vs 120.61 (highest Yield print since Nov 2011).
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