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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
The Property sector finally got the ECB cut it had been expecting. With so much already priced in the reaction was understandably muted. Vonovia ANNGR and Leg Immo LEGGR equity closed down on the week following a downgrade by Morgan Stanley.
- CPI Property CPIPGR was cut last week to BB+ Outlook Negative. It widened +30 last week and a further capitulation of +80bps this week.
- As we mentioned last week, CTPNV took advantage of its balance sheet to buy €170m assets from Globalworth GWILN. GWILN used this cash to retire €45m 2029 and €20m 2030 bonds. These were only issued in April in an exchange from 2025s.
- Realty Income, ticker: O, issued positive guidance with an emphasis on the improvement in Europe.
- Tritax Eurobox EBOXLN received takeover interest from Brookfield. The 2026 notes have CoC at par and rallied -72bps. The current price of 94.30 reflects uncertainty that the deal will progress and of the resultant rating. Brookfield have until 1st July to make a firm offer.
- Balder successfully issued SEK 2bn (EUR 176m) in the domestic market. It has plans to continue tapping this space. BALDER in EUR rallied -20 -> -28bps along the curve with 2028s outperforming.
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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