CPI Property Group - comment

The tender price of 107.75 is nearly 2 points above the offer price for the 7% May/2029 SUNs over the last couple of weeks, and we would expect plenty of takers; the maximum tender amount is €100m. A new €500m 2030 SUN is being issued and will fund the tender offer. The new SUN is talked at 5.625% (per Debtwire), but we expect this will tighten. The CPI 1.75% 1/2030 SSN trades at around 5%, so 62.5bps for a six-month additional tenor seems high.

It has been a while since we saw SSNs refinanced at lower coupons.

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