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Hammerson (HMSOLN: Baa2/BBB+ pos): Tender + New Issue

REAL ESTATE
  • Very Positive
  • Tendering for £6% 26, £7.25% 28, £3.5% 25
  • 2026 UKT 0.125 26 +85 (was G+132 pre-announcement)
  • 2028 UKT 0.125 28 +120 (was G+168 pre-)
  • 2025 UKT 3.5 25 +50 (was G+88 pre-)
We pointed out on 19th Sept that it would make sense to Tender for the 2026 with the Value Retail proceeds. The 2028 is a bit of a surprise but it does remove a high coupon.
New issue to follow
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  • Very Positive
  • Tendering for £6% 26, £7.25% 28, £3.5% 25
  • 2026 UKT 0.125 26 +85 (was G+132 pre-announcement)
  • 2028 UKT 0.125 28 +120 (was G+168 pre-)
  • 2025 UKT 3.5 25 +50 (was G+88 pre-)
We pointed out on 19th Sept that it would make sense to Tender for the 2026 with the Value Retail proceeds. The 2028 is a bit of a surprise but it does remove a high coupon.
New issue to follow