REAL ESTATE: Castellum (CASTSS: Baa3 pos): Entra

Feb-13 09:35

Mandatory Takeover of Entra

  • Castellum now owns >1/3 of Entra and is obliged to make a mandatory takeover offer
  • Will offer NOK 110.4/share
  • Balder controls 39.98% and will NOT accept
  • Given that Entra's share price is 111.0, I can't see Castellum being successful in buying many more shares.
  • ENTRA Market Cap is NOK 20.2bn (EUR 1.72bn) of which NOK 5.4bn (EUR 464m) would be available

Historical bullets

EU-BOND SYNDICATION: New 3-year / 30-year tap: Spread / size set

Jan-14 09:35

New 3-year:

  • Spread set at MS+17bps (guidance was MS + 19 bps area)
  • Tranche Size set at E6bln (guidance was E5bln, MNI expected E5-7bln)
  • Books in excess of E70bln (inc E4.1bln JLM interest)
  • Maturity: 4 July 2028
  • Short first coupon | 108 days accrued
  • ISIN: EU000A4D5QM6

3.375% Oct-54 Tap:

  • Spread set at MS+127bps (guidance was MS + 130 bps area)
  • Tranche Size set at E5bln in line with guidance (MNI expected E4-6bln)
  • Books in excess of E100bln (inc E6.5bln JLM interest)
  • ISIN: EU000A3K4EY2 (Immediately fungible)

For both:

  • Settlement: 21 January 2025 (T+5)
  • JLMs: Barclays, BNP Paribas, J.P. Morgan (B&D/DM), LBBW, NatWest Markets
  • Timing: Books to close at 9:50GMT / 10:50CET, allocations and pricing later today

GBP: EURGBP targets Yesterday's high

Jan-14 09:34
  • A new low for Cable here, with the extension higher in the EURGBP helping in the past few minutes.
  • EURGBP is reversing Yesterday's weakness, and traded as high as 0.84244, which will be seen as the initial resistance.
  • This was also the highest printed level since 1st November.
  • Support in Cable is seen some way away, down to the 1.2100 figure, so far printed a 1.2185 low.

EQUITIES: Large put spread buyer

Jan-14 09:25

 SX5E (19th Sep) 4750/4250ps, bought for 95.4 in 18k.