April 24, 2024 10:16 GMT
Goodman (Baa1/BBB+): New Issue FV Analysis
REAL ESTATE
• EU500m WNG 6Y Fixed MS+175-180 Area
• With only 25s outstanding in €, looking at the $ curve GMGAU is one of the widest high triple B names at 45-50 wide to DLR, 30 wide to WPC.
• With IPT that looks slightly through the $ curve syndicate appear to be of the view that the name is not well followed in the US, which is plausible.
• On a rating basis if this prices in line with the likes of WPC (Baa1/BBB+) and DLR (Baa2/BBB) we could see MS+150.
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