Free Trial
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.
REAL ESTATE
- Most EUR lines yet to stream prices, spreads muted for those that have including the delayed 5yr fixed (+2bp DoD, +4bp since Monday’s close, see below)
- Main driver was the 5% like-for-like property devaluation in 2023, and a negative FX translation leading to an S&P-adj debt-to-debt plus equity of 56.5% vs. a 55% downgrade threshold with the rating expected to be at nearly 55% by end-year and 53% by end-2025.
- Buyout of JV partner in the Kista Galleria has a 1.5% neg impact on the ratio
- Base case assumes a further 2% valuation hit in 2024 to be mitigated by an assumed EUR 220mn in disposals this year and EUR 80mn next year.
- 2.7yr WAM is also below the 3yr threshold for real estate firms, increasing refinancing risk.
- S&P expect incoming refinancing needs to result in ICR deterioration from 2.7x towards 2x over next 24 months but to remain above the 1.8x downgrade threshold.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok