November 27, 2024 12:12 GMT
REAL ESTATE: AroundTown (ARNDTN: JrSub: BBB- neg): Perps rallying
REAL ESTATE
- ARNDTN 7.125 Call30 Rallying +1.5pts today
- Discount to senior is close to 400bps (Need to adjust for 20-30bps curve from 4.8% 29)
- The new HEIBOS deal with Sub_Sen <220 bps makes ARNDTN look too cheap
- CITCON 7.875% Perp also trades around 400 wide to senior.
Source MNI/Bloomberg
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