EU REAL ESTATE: Klepierre (LIFP: BBB+ pos/A-): Q4 & FY24
Feb-12 17:29
Continuing to perform:
- NetDebt/EBITDA 7.1x down 0.3x since May; IntCover 7.4x
- LTV 36.5%. Solid Metrics and was moved to Positive in May '24 albeit below Fitch
- EBITDA +6.9% yoy
- Rental Growth +6.3%
- Footfall growth +2.5%; Retail Sales +4.0%
- Occupancy 96.5% +50bps
- Rental uplift +4%
- Average cost of debt is just 1.7% with 100% hedged. Only one small €255m bond matures this year, in October
- Guiding for 3% EBITDA growth in 2025
- GAV grew 4.1% to €20.225bn
- Interesting for the Sector; appraisers are using 7.8% discount rates for valuation which is well above the 6.5-6.7% pre-Covid. LIFP sees a tailwind if this normalises.
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SECURITY: Gaza Ceasefire Deal To Be Announced As Soon As Today, Jerusalem Post
Jan-13 17:26
The Jerusalem Post reporting that a Gaza hostage-for-ceasefire deal, "will likely be announced Monday night or Tuesday morning" following an agreement for the exchange of 33 hostages held by Hamas in Gaza, accompanied with a "staged withdrawal of IDF forces from Gaza." Sources told JP that the IDF "would not fully withdraw from Gaza until every single hostage was released."
- The JP notes that negotiations for the latter stages of a withdrawal, and completion of hostage exchanges, will take place on the 16th day of the ceasefire. JP adds that, "Diplomatic sources said a cabinet vote and an expected High Court of Justice ruling on petitions to block the deal would also be necessary."
- The White House confirmed a short time ago that US President Joe Biden spoke today with Amir Sheikh Tamim bin Hamad Al Thani of Qatar to discuss the ceasefire release deal based on the framework Biden outlined in a speech on May 27, 2024.
- Amichai Stein at Kan reports on X: "Qatari Emir now meets with Hamas delegation to discuss deal."
- White House National Security Advisor Jake Sullivan is due to appear at the White House press podium in next few moments. He is likely to discuss the deal along with preparation for Biden's final foreign policy speech of his presidency at 14:00 ET 19:00 GMT today. LIVESTREAM
LOOK AHEAD: Tuesday Data Calendar: PPI, Fed Speakers
Jan-13 17:20
- US Data/Speaker Calendar (prior, estimate)
- 14-Jan 0600 NFIB Small Business Optimism (101.7, 101.5)
- 14-Jan 0830 PPI Final Demand MoM (0.4%, 0.4%), YoY (3.0%, 3.5%)
- 14-Jan 0830 PPI Ex Food and Energy MoM (0.2%, 0.3%), YoY (3.4%, 3.8%)
- 14-Jan 0830 PPI Ex Food, Energy, Trade MoM (0.1%, 0.3%), YoY (3.5%, --)
- 14-Jan 1000 KC Fed Schmid (text TBA, Q&A)
- 14-Jan 1500 NY Fed Williams open remarks (text, no Q&A)
FED FUNDS FUTURES: BLOCK: Aug'25 Fed Funds Buy
Jan-13 17:16
- +9,600 FFQ5 95.86, post time offer at 1211:45ET, DV01 $400,000. The August contract trades 95.86 last (-0.010)
