Telecom: Proximus reports good 2Q24 results. Virgin Media O2 reports soft 2Q24 results. VodafoneZiggo reports solid 2Q24 results. Sunrise reports solid 2Q24 results. Real Estate: Unibail 1H24 results show an uptick in leverage
Real estate bond primary markets have continued their path towards normalisation so far this year. Year to date, issuance has reached €9bn as of the end of May. The prospect of rate cuts and more dovish (European) Central Bank commentary, combined with lower credit spreads, have been conducive towards higher levels of issuance than in 2022 and 2023. Having said that, the higher levels of issuance have not had a material negative impact on real estate spreads for issuers coming to the market, wit...
In this report, we analyse total return potentials for EUR-denominated real estate bonds of issuers in our coverage. This analysis is issuer- and fundamentals-agnostic, and we do not make any recommendations or take a view on any of the top/bottom performing bonds. We simply show which securities could outperform or underperform in different spread scenarios, all else being equal.
Unibail-Rodamco-Westfield (ULFP) reported solid 1H23 operating results. Rental income growth remains strong, supported by indexation and new leasing activity. On the other hand, by our calculations, LTV ticked up further despite net debt reducing from falling property values and yield expansion. Liquidity is still well placed, with near-term maturities largely covered. Looking ahead, we think further earnings growth will help offset declining valuation and disposals at below book value, but not ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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