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REAL ESTATE: AroundTown (ARNDTN: BBB- neg hybrid): Rallying

REAL ESTATE

Positive: ARNDTN reported on 28th August. Bonds have rallied consistently since

  • Moves since earnings:
  • ARNDTN 1.625% +8.4pts
  • ARNDTN 5% +6pts
  • ARNDTN 7.125% +6pts

Given that the capital markets have reopened for higher yielding real estate and that portfolio valuations are stabilising - it's easy to see why investors are comfortable reaching for ARNDTN 5% Call29 with YTC >13%

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