As we approach summer and reflect upon the already very busy and volatile first half of the year, we review our Credit Markets Outlook for 2025 and offer an update on our views, positioning and forecasts for the remainder of the year. We include our Picks and Pans on the Utilities, TMT, Real Estate and Bank sectors.
Icade has taken steps to ease bond investor concerns this year, as debt buybacks and a recent new issue which priced well, were appreciated. Liquidity is also solid. But the business still faces tough challenges and lags higher-quality office peers. Its portfolio leans more toward secondary, non-prime offices, and re-leasing remains difficult. On the brighter side, the development arm shows some promise, although the operating environment remains tough. Financially, credit metrics and policies a...
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