This morning’s tender announcement from SBB is in line with the announcement of the Community Asset sale to PPI. As we said at
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The latest transaction solves SBB’s liquidity needs out to 2028, so it buys plenty of time. This is a positive for creditors, but it does not
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Q3 25 results were out on 7 November. Stable valuations and rent increases (6.6% YTD) are positive, but do not alter the fact that
Read MoreThe bond tender at Ilija Batljan’s personal vehicle doesn’t impact SBB. If investors are bounced into exiting the Hybrids at 20%, Batljan could look to repeat the
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The Q2 earnings were better, but the leverage issues will only be resolved with significant increases in property valuations. At present, valuations are
Read MoreSveafastigheter tapping its 2030 SUNs at just above par is a positive for SBB Norden as it demonstrates that the subsidiary companies
Read MoreDear all,
Please note that the commentary sent earlier today regarding the SEK 2.0bn SUN exchange offer related to SBB Norden SUNs and Hybrids was based on information that is 12 months old.
We apologise for the oversight and any confusion this may have caused.
Should you have any questions or wish to discuss further, please don’t hesitate to reach out.
Kind regards,
Aengus
SEK 2.0 bn SUN being offered to SBB Norden SUN and Hybrid holders gives a chance to get closer to the assets and will be attractive. The exchange offer will be via an unmodified Dutch auction satisfied by 80% new notes and 20% cash. The 2027 SUNs and Hybrids trade around 70%, and we expect there will be plenty of demand. The main thrust of the reorganisation of debt is the SEK10.4bn of bank debt that Sveafastigheter is moving closer to the resi assets.
The call shows that SBB slowly continues to rehabilitate its balance sheet. The problems at the Holding Company remain, but SBB has some time
Read MoreIlija Batlja looks to have taken the up-tiering of Hybrids at SBB in December as a template. His personal investment vehicle has
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The SBB results were better than we expected operationally, with LFL rental growth of 5.5%, but the balance sheet is still overleveraged, and the holding company is a long way from
Read MoreSBB released a statement this morning that Fir Tree will drop its legal proceedings in relation to its EMTNs. Well played SBB.
Read MoreFir Tree has reassessed the risks of losing its litigation to claim a par repayment and reduced its position accordingly. The success of the recent
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The tender and exchange offer from SBB for the SUNs/Hybrids is designed to reduce the impact if the English High Court finds SBB is in breach of the
Read MoreThe tender/exchange offers announced today seem to offer plenty to investors without a significant increase in risk. We suspect this operation has a lot to do with
Read MoreThe additional €53m of EMTN holders seeking to accelerate their holdings makes little difference to the case being heard in the English Hig
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