Heimstaden Bostad has maintained its positive trajectory, reporting a like-for-like rental growth of 4.5%, which has contributed to a continued
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Reaffirming our recent observations that the stress experienced in the European real estate market is now firmly behind us, Heimstaden Bostad is issuing a
Read MoreAlecta, the largest investor in Heimstaden Bostad, stated that it wishes to reduce its exposure to Heimstaden Bostad by at
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[Aengus on behalf of Tomás] Operating cash flow was in line with our forecast at SEK2.4bn, but better-than-estimated asset sales meant that net capex was lower than
Read MoreThe tender offer (at par) for the 2027 bonds has been successful, with €345m of the €400m outstanding tendering. We expect the
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Heimstaden AB is issuing a new 5.5-year senior unsecured note, with Deutsche Bank, J.P. Morgan, Nordea Bank, and Swedbank mandated
Read MoreHeimstaden are issuing a 4-year SEK-denominated bond, hosting a call tomorrow. With the proceeds, Heimstaden Bostad will
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Heimstaden Bostad continues to see strong momentum in its occupancy and rental growth, resulting in a 1% increase in property values. LTM Ne
Read MoreMinor news from Heimstaden Bostad this morning, with the Company tendering for two small NOK bonds. Heimstaden Bostad already owned a significant portion of
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Only three questions on the Heimstaden Bostad call this morning, reflecting how the market has moved on. No longer on the stressed list, Heimstaden Bostad’s Q4 numbers continue its
Read MoreHeimstaden AB has successfully extended its maturity profile cheaper than we had expected. Heimstaden AB issued €430m 5NC3 bonds at 8.375% and
Read MoreTimes have changed. Heimstaden AB, the holding Company, are contemplating an Amend and Extend for its two 2025 SEK bonds and 206 Euro bonds. This
Read MoreHeimstaden AB, the parent Company of Heimstaden Bostad, has suspended coupon on its Hybrid bonds. With no expectation of dividends from
Read MoreHeimstaden Bostad sold 380 residential units in Sweden to Hemvist, a fully owned subsidiary of Käpan, the Swedish employee pension fund for
Read MoreRing the bell, the historic stress in the real estate credit market is behind us. Or at least that is what it appears to be, with Heimstaden Bostad tendering
Read MoreHeimstaden Bostad have successfully bought back 90% of the 2026 NOK bonds and 95% of the 2028 NOK bonds via the tender
Read MoreHeimstaden Bostad got us excited this morning with what we initially thought was a tender for perpetual bonds. Alas, it is only
Read MoreWhat crisis? Heimstaden Bostad issued a €500m 5-yr unsecured bond at 3.875%. Heimstaden Bostad remains a BBB- with a negative outlook at S&P and
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The call at 1 pm may be more interesting as investors will seek further details on potential large-scale asset disposal, but the quarterly release is very operational in detail. Rental growth continues to show improvement and with Net Operating Margin improving 300 bps on both a quarterly and LTM basis, cash flow continues to improve. The Privatisation Program reached SEK 2.4bn in the quarter, continuing to achieve a premium (24%) to book value. Heimstaden Bostad continues demonstrating its access to the financial markets (mainly secured) via its €725m sustainability-linked secured credit facility in the Netherlands and two SEK bonds totalling SKE 2,300m issued in the quarter.
The S&P-defined LTV is 57.7% with an ICR of 1.6x. Despite the improving operational data, the ICR continues to fall, and our model shows that they will be unable to maintain their credit rating without strategic large-scale asset disposal. Expect the investor call to focus on this.
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