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Aroundtown (ARNDTN Snrs; NR, BBB+ Neg) {AT1 GY Equity} S&P on tender

REAL ESTATE

As expected; no rating changes & views as slightly positive on 50% equity treatment kicking in for $ refi'd hybrids and extending out call risk on £ (first call in June 2024)

Says exchange fees up to €35m (last one was more significant €105m - final take-up was 74%) as manageable - we are more interested on option 2/tender take up given up to 20%/€200m cash use on this (last one was €136m on total €1.8b offerred)

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As expected; no rating changes & views as slightly positive on 50% equity treatment kicking in for $ refi'd hybrids and extending out call risk on £ (first call in June 2024)

Says exchange fees up to €35m (last one was more significant €105m - final take-up was 74%) as manageable - we are more interested on option 2/tender take up given up to 20%/€200m cash use on this (last one was €136m on total €1.8b offerred)

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