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Prologis (A3/A): £ New Issue FV Analysis

REAL ESTATE
  • IPT: GBP Benchmark 16Y Fixed UKT+125 Area.
  • Equates to around MS+185a.
  • Not much to go on in £, but we note the PLD 2.25 06/29 trades ~10bp wide to the € curve.
  • That would put FV at MS+160a / UKT+100a but clearly could come tighter in the absence of a £ premium, with a floor at UKT+90a.

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