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Real Estate: Weaker Names on the Back Foot

REAL ESTATE

• HEIBOS(BBB-) was downgraded to BBB- negative outlook by Fitch yesterday afternoon.

• Disposals and liquidity are the key considerations for Fitch from here.

• HEIBOS has no Moody’s rating, also BBB- with S&P.• HEIBOS spreads 15-25 wider.

• CPIPGR spreads 5-10 wider after rallying yesterday on a subsidiary’s equity investment from Apollo.

• ARNDTN spreads appear mixed but the 28s are ~8bp wider.

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