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Altarea (ALTAFP: BBB- neg): Secondaries Wider

REAL ESTATE
  • We thought that the new issue 5.5% 31 came around +25 cheap yesterday
  • Rather than seeing the new issue perform (it is unchanged) it is the ALTAFP 1.75% 30 which is suffering: bonds are -1pt (+29bps) today.
  • Unfortunately, it is a thinly traded name with small 300m issues.
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  • We thought that the new issue 5.5% 31 came around +25 cheap yesterday
  • Rather than seeing the new issue perform (it is unchanged) it is the ALTAFP 1.75% 30 which is suffering: bonds are -1pt (+29bps) today.
  • Unfortunately, it is a thinly traded name with small 300m issues.