October 02, 2024 08:11 GMT
CREDIT SUPPLY: Hammerson (HMSOLN: Baa2/ - /BBB+ pos): Fair Value
CREDIT SUPPLY
- IPT: GBP BMK 12yr G+215a (=z+265)
- We see FV G+170-175
- Hammerson 28s used to trade about z+5-10 cheap to Unibail even though 1yr shorter
- Post Tender the Hammerson curve can be ignored for FV analysis
- If we take URWFP 29s z+170 and add 4bps/yr a 12yr would be z+200
- Hammerson is smaller than URWFP and in recovery mode. A new issue fair value would be +20 back of where URWFP would be so z+220 or G+172
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