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Unibail (URWFP: Baa2/BBB+): Bond technicalities

REAL ESTATE
  • We had a great question about the URWFP 2.625 Apr-30 vs the URWFP 4.125 Dec-30.
  • These bonds trade 76bps apart on Z Spd for just 8 months
  • The 2.625 Apr-30 was issued in the depths of the Covid Crisis - Apr '20 - and would have been heavily bought by both the ECB and Insurance companies who locked away cheap bonds in large size.
  • When you look at HDS1 function only 3.53% of the 2.625%'s holders are identified
  • On the other hand, 33.71% of the 4.125%'s holders are known: they are asset managers rather than insurance companies.

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