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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
- We see FV ms+158
- Logicor issued 4.5yr at ms+200 in January.
- They are returning with a 5yr today.
- IPT: EUR 500m ms+190
- The 4.5yr is now a 4yr trading at ms+143
- Curve should be about 12bps /yr but...
- CTPNV 4.625 30 is trading cheap (z+145) and this is LOGICR's second visit to the market so we will push it out a little bit.
- Majority Chinese ownership with Blackstone minority.
- Logicor is a very stable credit with LTV 48.9%, 94.3% Occupancy, €15.3b Gross Asset Value, €7.2b Net (much larger than VGPBB which I included just as a guide to value)
- CTPNV is rated lower at Baa3/BBB-. Logicor trades wider.
- UOP: Tendering 2025 bonds so no net issuance of debt.
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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