CPI Property Group - comment

CPI is tendering at the short end of its curve. The EUR 1.75% 01/2030 now trades at around 5.75%, so the coupon shock of swapping into longer-dated paper is less severe for the company.

For investors, the attraction is the opportunity to bid for longer-term exposure at a higher coupon (excluding the 7% 5/2029) to what is increasingly a quiet investment. The company intends to fund the buyback of potentially €400m through the issuance of new SUNs.