Aroundtown - comment

Aroundtown has announced a multi-currency tender across five outstanding hybrid issues (EUR/GBP/USD, including higher-coupon 7.7–8.6% notes), alongside a new benchmark Perp Euro 5.5yr hybrid priced at 6.0–6.125%, with proceeds used to refinance existing subordinated capital.

The transaction will be credit-neutral to modestly positive, maintaining the overall level of hybrid capital while reducing blended funding costs and refinancing risk.