As we move into 2Q, we take a look back at real estate credit markets in the furst quarter of the year. EUR-denominated real estate bonds performed well with a 181bp total return at the index level. This marginally underperformed EUR BBs but outperformed broader credit markets as spreads broadly held on to the rally from the end of last year.
Balder (BALDER) published full year 2023 results last Friday, posting a large bottom line net loss, primarily driven by property valuation declines (-4.6% YoY). The valuation declines sped up slightly in 2H23, but still remain at around half the rate seen at peers (eg, HEIBOS, CASTSS), which continues to make us cautious. Overall, numbers were a bit mixed, with further deterioration in the ICR as expected, but robust cash flow and occupancy. Management colour on the earnings call was useful and ...
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