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
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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.
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