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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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  • 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