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REAL ESTATE: Fastighets AB Balder (BBB S&P): 4Q Preview

REAL ESTATE
SwedenCredit BulletsBullet
  • Watch for issuance. BALDER tapped the SEK market 7 times last year. It said that it would visit the EUR market in 2025
  • The next maturity is BALDER 1.875 14th March 2025 €500
  • 3Q24 numbers showed stability as highlighted when S&P revised to STABLE on 11th Nov 24
  • Equity raise of SEK 1.5bn in October and SEK 1.2bn in Feb (used to partially tender Hybrid) show support from the small group of private shareholders.
  • Riksbank rates are 100bps lower since October and expected to fall slightly (13bps) by YE
  • Watch for general stabilisation of values and an uptick in rents but the main thing is imminent issuance.
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  • Watch for issuance. BALDER tapped the SEK market 7 times last year. It said that it would visit the EUR market in 2025
  • The next maturity is BALDER 1.875 14th March 2025 €500
  • 3Q24 numbers showed stability as highlighted when S&P revised to STABLE on 11th Nov 24
  • Equity raise of SEK 1.5bn in October and SEK 1.2bn in Feb (used to partially tender Hybrid) show support from the small group of private shareholders.
  • Riksbank rates are 100bps lower since October and expected to fall slightly (13bps) by YE
  • Watch for general stabilisation of values and an uptick in rents but the main thing is imminent issuance.