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REAL ESTATE: AroundTown (ARNDTN: JrSub BBB- neg): 10% Rule

REAL ESTATE
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  • AroundTown will probably come back to the market after 16th April 25 if they want to reduce the hybrid stack further
  • Their have enacted a series of Tenders this year already which will have pushed them over the 10% (in a 12 month period) limit for reducing hybrids and still keeping equity credit with S&P
  • If they want to do a 1:1 Tender/Exchange then they will not be limited
  • Given where HEIBOS printed it may may sense for them to be patient and wait for a further improvement in their trading levels before doing anything. Bonds are still rising - albeit only 20-30c today.
  • Note - S&P has a further 25% limit in a 10yr period
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  • AroundTown will probably come back to the market after 16th April 25 if they want to reduce the hybrid stack further
  • Their have enacted a series of Tenders this year already which will have pushed them over the 10% (in a 12 month period) limit for reducing hybrids and still keeping equity credit with S&P
  • If they want to do a 1:1 Tender/Exchange then they will not be limited
  • Given where HEIBOS printed it may may sense for them to be patient and wait for a further improvement in their trading levels before doing anything. Bonds are still rising - albeit only 20-30c today.
  • Note - S&P has a further 25% limit in a 10yr period