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Deutsche Wohnen (DWNIGY: Baa1/BBB+): The Only Bond Wider...

REAL ESTATE
  • Deutsche Wohnen curve is no longer liquid but interesting to note that almost the only real estate bond to widen this year is DWNIGY 0.5 31
  • Amount outstanding is EUR 325.7m so still a tradeable size.
  • Increments are 100k so it is not a retail bond.
  • This is now trading wide to the ANNGR/DWINGY complex. See graph
  • It has traded very special in the past (-69bp vs DWNIGY 1.5 30 on Z) but has normalised now. See graph 2.
  • All depends on finding size to make it worthwhile.

Source: Bloomberg

Source: Bloomberg

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