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SBB: Tender Off Priced At 40%, Range Of Bonds Still Trade Above That Price Point

REAL ESTATE

SBB (SBBB SS) announced the results of its tender offer on Friday after the close. Average was c.40% of face value; it’s positive that the business is making progress on restructuring but there are a range of EUR bonds outstanding and streaming well above that price point, for similar ratings to those bought back.


  • The troubled landlord has bought back EUR407.8m of bonds at 40% of face value (costing EUR162.7m). Some of this was sub debt/hybrid but around half of the notional was the SBBBSS 1.125 ‘29s which had been trading above 50% of face.
  • Previously, the company had tendered for c. EUR600m of bonds in Nov-23, ultimately buying back EUR417m at around 97% of face value. These were FRNs with a Feb-24 call date.
  • It’s clearly positive to see the business restructuring its debt load but that discount is an indication of the market’s view on the business and its assets and there are a range of SBB EUR bonds outstanding and streaming well above at 40% price point.
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