Roman P. Pfranger

📰 #REIT Headlines 4-17-2024 🏢 ��� Deutsche Bank Upgrades Medical Properties Trust, Inc.: * Deutsche Bank upgrades MPW to Hold from Sell * Raises price target by $3 to $5. 💼 Prologis Kicks Off 1Q Earnings: * PLD announces first-quarter earnings. * Lowers 2024 Core FFO guidance to $5.37-$5.47/share $5.42-$5.56/share 📠 Earnings Announced After Close of Trading Today: * Brandywine Realty Trust * Crown Castle * First Industrial Realty Trust * Rexford Industrial * SL Green Realty Corp. 📊 SL Green Realty Corp. and Vornado Realty Trust Extend 280 Park Avenue Mortgage: * SLG/VNO closed on a modification and extension of the $1.075 billion securitized mortgage on 280 Park Avenue * Maturity date extended to September 2026, with the partnership’s option to extend to a fully extended maturity date of September 2028 * Interest rate was maintained through the fully extended maturity date at 1.78% over Term SOFR 💰 Global Net Lease Progresses on Strategic Disposition Plan: * GNL continues progress on its 2024 strategic disposition plan with over $462 million in transactions closed or under agreement as of April 15, 2024. * The proceeds will be used to pay down existing debt and address near-term lease and debt maturities. 💸 NNN REIT, Inc. Amends Unsecured Bank Credit Facility: * NNN amends its unsecured bank credit facility, increasing available borrowing capacity from $1.1 billion to $1.2 billion. * The facility matures in April 2028, with options to extend maturity to April 2029, and includes an accordion feature to increase the facility size up to $2.0 billion. 💰 Alexander & Baldwin Completes Private Placement: * ALEX completes the private placement of a $60 million unsecured 6.09% note maturing on April 15, 2032 * Proceeds to be used for mortgage note payment and general corporate purposes. ⚖️ Crown Castle Faces Breach of Fiduciary Duty Claim: * The Delaware Court of Chancery grants expedited discovery into a breach of fiduciary duty claim against the Board of Directors of CCI regarding board seat expansion during an ongoing proxy contest by Boots Capital Management LLC. 🏭 Terreno Realty Corporation Acquires Industrial Property: * TRNO acquires an industrial property in Alexandria, VA, for approximately $84.3 million. * The property consists of four industrial distribution buildings leased to 21 tenants, with an estimated stabilized cap rate of 5.3%. 🚓 Easterly Government Properties Acquires Facility Leased to ICE: * DEA acquires a 135,200 sf facility primarily leased to the Office of the Chief Information Officer and Office of Human Capital of the U.S. Immigration and Customs Enforcement (ICE) near Dallas, TX.

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EU CLO Managers: Varying Prepayment Rates in the Post-Reinvestment Period (Post-RP) While each CLO deal is different, understanding the historical prepayment rates during the post-RP for each manager remains highly beneficial. Analysing these rates offers insights into the tendencies of different managers, highlighting those who consistently achieve lower prepayment rates and those who tend to experience higher rates in the post-reinvestment phase. To illustrate these trends, the following table in this article presents the average first-year, second-year, and third-year annualised prepayment rates for each manager, drawing on data from their seasoned deals. In particular, 12 EU #CLO managers have kept their annualised prepayment rates in the single digits for the first and second years post-RP. Among them, 5 managers have so far demonstrated the ability to keep annualised prepayment rates in the single digits for the first to third years post-RP. If you’re interested in learning about the pricing for premium content, please don’t hesitate to email me at info@clopremium.co.uk. https://lnkd.in/eNNGRuWs

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Monetary policy update! The Swiss #centralbank unexpectedly cut the policy rate again, going down 0.25% to 1.25%. 'Yes,' #inflation in Switzerland is relatively low at 1.4%, but inflation averaged just 0.3% since the Great Financial Crisis. Also, the SNB has a different definition of price stability—' a rise in the Swiss consumer price index (CPI) of less than 2% per annum'—than most other central banks. The conclusion is simple: Central banks around the globe are eager to cut rates!

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Analyst Predicts Solana ETF If Donald Trump Wins Presidency ➡️ Read All : https://lnkd.in/e-48rJiZ As the 2024 US presidential election approaches, the prospects for altcoin exchange-traded funds (ETFs), particularly Solana, could hinge significantly on the political outcome. The Securities... [...] #SolanaETF #TrumpCrypto #SECRegulations #CryptoInvestments #2024Election #Crypto #Altcoins #NBTC

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Over Q1 2024, Swiss GDP expanded by 0.5%, partly buoyed by sports events (seeing that the FIFA, UEFA and IOC sit in Switzerland, they benefit from income from marketing and are accounted for as an export of services). Adjusted from this one-off over the period, growth would have been 0.3%, still above the 0.2% estimate published by SECO. After a cool-down period over six past quarters this growth figure has reduced the output gap and the Swiss economy is marginally above potential. It should remain at a similar trend over the second half of the year, giving support to our overweight to Swiss equities initiated in March. While the export of goods is still rather stagnant (+0.2%) it is at least no longer decreasing (-1.9% in Q4 '23). Consumption is strong at +0.4%, thanks to low unemployment and a contained inflation which, while it picked up slightly as of recent, remains well within target. There is thus no urgency to keep cutting rates, notably in a bid to contain inflation in a country which successfully fought it off on the back of a strong currency. Interestingly, SNB President Thomas Jordan hinted at neutral rates on Thursday in Seoul: "there are currently reasons to believe that r* has increased somewhat or might rise in the coming years". Swiss yields consequently went up while most European markets saw an opposite move on the day, spurred by confidence in a June cut.

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Elevated Ether Volatility Expectations May Be Unfounded ➡️ Read All : https://lnkd.in/e_cdsX6J The spread between ether and bitcoin implied volatility indexes has widened, reflecting excitement about the potential debut of spot ETH ETFs in the U.S. Volatility... [...] #CryptoNews #EtherVolatility #BitcoinETFs #CryptocurrencyTrading #SpotETHETFs #Crypto #Ethereum #NBTC

EML updated summary: - All regulatory matters resolved - Sentenial sale to complete within 3-4 months - Management 💯 focused on growth now!! Cap is $380m with $45m net cash (post Sentenial) EV $345m and consensus is $60m Ebitda ($30m FCF) in FY2025 Trading on 5.75x 💰💰💰 We think the stock can double next 12 months as company shows growth, and margin expansion from core biz

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Now it's getting serious! - US PCE inflation is falling slightly, but at the same time consumer spending is weakening - a critical economic signal. - German ifo business climate points to a difficult recovery. - Markets have high expectations of the ECB. Last week's trading dynamics once again showed that the equity markets remain fully focused on monetary policy and movements in long-term interest rates. Against this backdrop, the focus this week is on the ECB meeting on Thursday and the US labor market report on Friday. The ECB is likely to cut interest rates by 25 basis points. However, the markets are primarily interested in what can be expected afterwards. If ECB President Lagarde remains vague, the stock markets will react negatively. The US labor market report on Friday is likely to have a hard time topping the April report. This showed lower job and wage growth as well as a slight rise in the unemployment rate, i.e. all components moved in the direction targeted by the Fed. Only if these trends are confirmed do we expect the markets to react positively. At the beginning of a week with important US data, an ECB meeting and a European election, investors should either enter the events with a slightly reduced risk or keep the allocation constant and only intervene if volatility rises more strongly. In other words, risk management is ok, but potential allocation adjustments should only be made once the data and events can be interpreted correctly.

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Dan Alderson's article on single name Credit Default Swaps is very much worth reviewing for all high-yield cash and derivative traders. While it is very complicated, from my perspective that is one of the main points. Dan makes the following observations: "The International Swaps & Derivatives Association will imminently publish findings of an independent review of the Credit Derivatives Determinations Committees, which it created back in 2009 when it hardwired credit event auctions into CDS settlement as part of the Big Bang Protocol." "This is pertinent when various distressed corporate borrowers — Altice, Ardagh, Atos and Intrum among them — are credit event candidates." "Crucially, any changes to DC rules require the backing of a supermajority of its members. That presumably puts a rather hefty obstacle in the way of any proposal to, say, completely replace the DC with another mechanism." "Isda, which used to oversee the DCs, moved to disassociate itself in the post-crisis years. In October 2018, it transferred its secretary role to DC AdministrationServices, which has ‘management support services’ from Citadel SPV — a somewhat mysterious entity not affiliated with Citadel Americas." “The current system is not good for those market participants that are not part ofthe DC but it also puts a huge burden and risk on DC members,” says Carlos Pardo, an independent CDS specialist who advises on credit event matters. “It is preventing the volumes from recovering but the need for the product is there.” "The Europcar auction in January 2021 was loudly lambasted in the press (lapping up the outrage of unnamed sources) for returning a 100% recovery price. It turned out the reason this came unstuck was because so many opportunists piled into shorting the name, once the credit event question had been raised, that orders outstripped available bonds. Those who had been short before on a genuine credit conviction had long since cashed out, before the auction operated exactly as its rules dictated." These are mostly the same issues we had in trading single-name CDS before the GFC. Furthermore, prices even for on-the-run 5y contracts are traded OTC and the trades are not posted on a public exchange, nor are historical prices freely or easily available. For off-the-run contracts, this problem is exacerbated. The majority of single-name CDS trades/traders are seeking to manage spread risk rather than default risk. However, the complexity of this product increases meaningfully once the paradigm shifts from trading with a focus on spread to an imminent default scenario and recovery analysis. #cds #derivates #isda

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Below you find the updated „Bespoke ETF Asset Class Performance Matrix“ showing the performance of key ETFs since the October low, YTD and this week (total return in USD). US stocks closed the week more than 30% above the lows carved out in October, with another week led by tech and related names in HC and comms. US growth indices and the Nazz outperformed while small & mid caps and value lagged. Utilities’ hot run moved into the rearview mirror as a surge in rates on Friday wiped out lots of the early week bond gains. Energy was also weak as crude oil prices plunged early in the week to reflect more OPEC+ supply following last week’s meeting. EM elections were a huge factor in global equity markets this week, with Mexico’s EWW logging its second-worst week since the global financial crisis. Bergos AG #investing #markets #stockmarket #bonds #commodities Source: Bespoke Investment Group (The Bespoke Report, June 7th, 2024, page 2)

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