Unibail-Rodamco-Westfield : We move to buy on hybrids call/2023 after recent sell-off
Unibail-Rodamco-Westfield (URW) has moved up again in 2022 with a normalisation of its business and an improvement in its ratios and liquidity, favouring a better positioning within its ratings. However, with the investor market at a complete standstill, the bulk of the targeted asset disposals are not expected to materialise in 2023, leaving the future of the hybrid call/2023 (refinancing or extension next October) in doubt. The issuance of a new hybrid would be very surprising ...Unibail-Rodamco is a commercial property operator, investor and developer. Co. is operationally organized in six geographical regions: France, Spain, Central Europe, Austria, the Nordics and The Netherlands. Its activities are divided into three business lines or segments: Shopping Centres, Offices and Convention & Exhibition. Co.'s Shopping Centres segment focuses primarily on the retail sector; the Offices segment takes care of office assets that are mainly located in the Parisian Central Business District; and the Convention-Exhibitions segment consists of a real estate venues and operations organization, and trade show organization.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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