MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Aroundtown (ARNDTN: NR, BBB- Neg) {AT1 GY Equity}

REAL ESTATE
  • As we flagged might be the case yesterday mid's are continuing tighter in the short-end led by Euro July 25's (-7bps) & March 26's (-5bps).
  • To reiterate we net see slight miss on S&P expectations given valuations fell 11% vs. expectations for 7-8%, everything else looks in line. Continued non-call on perp's likely to drop it into HY given equity/debt treatment by S&P- though that decision is still net positive for buybacks/refi on short-end seniors.
  • We refrain from commenting further along the curve where real-estate market fundamentals become more important & where there is increased uncertainty to managements' approach to capital allocation (currently singular focus on debt paydown).
  • That uncertainty seemed to be shared by markets yesterday - £29/31's trading through the earnings/€ short-end rally. For what its worth equity forecasts look somewhat sanguine in years ahead (+€608m/+2% in valuation gains vs. S&P expectations for -2%.).
  • Re. headlines this morning on DB repossessing a London office from WeWork - we don't see much (direct) readthrough to Aroundtown - London is 7% of the portfolio but only 1% of the office portfolio.
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.