MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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REAL ESTATE: Mercialys (MERYFP: BBB): FY24

REAL ESTATE
Credit BulletsCEEMEAEurozoneFranceBullet

Results look quite solid. Issuance very unlikely.

  • Credit Metrics improving: LTV 35.7% reduced by 70bps; NetDebt/EBITDA 6.8x down 0.3x
  • EBITDA €147.2m down 2.2m
  • Net Recurrent Earnings €113.1m +3.8%
  • Organic Rental Income +3.9%
  • Footfall +2.7% (+150bps vs "National Panel")
  • Retail Sales up +2.1% yoy ; +80bps vs National Panel
  • Occupancy (ex renovations) highest since 2019 at 97.1%
  • GAV €2.76bn +1.3% like-for-like showing stabilisations of value but nothing better. Total portfolio fell 111m with divestments.
  • Divested €135m of assets at 100% of appraisal value - demonstrating liquidity and accurate marking
  • At end 2024 only two hypermarkets had Casino connections.
  • Last issued in Aug '24 and has nothing due until Feb 26 (Nov 25 Call)
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Results look quite solid. Issuance very unlikely.

  • Credit Metrics improving: LTV 35.7% reduced by 70bps; NetDebt/EBITDA 6.8x down 0.3x
  • EBITDA €147.2m down 2.2m
  • Net Recurrent Earnings €113.1m +3.8%
  • Organic Rental Income +3.9%
  • Footfall +2.7% (+150bps vs "National Panel")
  • Retail Sales up +2.1% yoy ; +80bps vs National Panel
  • Occupancy (ex renovations) highest since 2019 at 97.1%
  • GAV €2.76bn +1.3% like-for-like showing stabilisations of value but nothing better. Total portfolio fell 111m with divestments.
  • Divested €135m of assets at 100% of appraisal value - demonstrating liquidity and accurate marking
  • At end 2024 only two hypermarkets had Casino connections.
  • Last issued in Aug '24 and has nothing due until Feb 26 (Nov 25 Call)