MNI: SPAIN NOV MANUF PMI 53.1 (FCST 54.0); OCT 54.5

MNI BRIEF: Japan Q3 GDP To Be Slightly Revised Down

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI: AUSTRALIA Q3 BIZ INDICATORS INVENTORIES -0.9%

MNI: AUSTRALIA OCT BUILDING APPROVALS +4.2% M/M, +6.1% Y/Y

MNI: AUSTRALIA NOV DWELLING APPROVALS +4.2% M/M

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

CREDIT SUPPLY: P3 Group (PTHREE: BBB S&P): Revising FV tighter

CREDIT SUPPLY
BulletCredit Bullets
  • I am going to revise FV for PTHREE down to +180
  • PTHREE is small than CTPNV (9bn GAV vs 13bn) but has the same LTV c46% and enjoys a slightly higher rental yield 5.5% vs 5.0%
  • The ownership of GIC is a plus as is the better rating from S&P.
  • The company will benefit from more frequent issuance as it grows investor awareness and size itself is defensive for property companies.
68 words

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.
  • I am going to revise FV for PTHREE down to +180
  • PTHREE is small than CTPNV (9bn GAV vs 13bn) but has the same LTV c46% and enjoys a slightly higher rental yield 5.5% vs 5.0%
  • The ownership of GIC is a plus as is the better rating from S&P.
  • The company will benefit from more frequent issuance as it grows investor awareness and size itself is defensive for property companies.