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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.
REAL ESTATE
Lar Espana (LRESM: BBB fitch) 1Q24 Business Update Tomorrow
Lar Espana is very opportunistic having issued at the peak of the cycle in 2021 and tendered bonds in 2023 around -20pts lower. They will give a business update tomorrow. Retail sales in Spain have been steady with low digit growth so no surprises expected but it is worth looking at where LRESM bonds trade relative to other Retail related property names.
- LRESM is smaller than Carmila or Mercialys but it is a well-run company with affordable rents and grocery anchor dominating each locality.
- The discount to CARDFP / MERYFP in 4.5yrs is around 100-120 bps.
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.
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