CPI Property funds deleveraging efforts

摘要

Central and East European real estate group CPI PROPERTY sold its first ECB-eligible offering on Wednesday as part of a deleveraging exercise. The company placed a €750m May 2026 green bond at swaps plus 345bp, which was 35bp inside IPTs. A lead saw the landing level as offering a 15bp new issue premium. "It was a decent move from IPTs, and even though we moved pricing, the book barely budged," he said. David Greenbaum, CFO of CPI Property Group, said that pricing clearly looked attractive for the company when viewed through a long-term lens. "CPI's very first bond issue in 2017 carried a coupon of 2.125%, while this transaction carries a coupon of 2.75%," said Greenbaum. "Quite impressive I think, considering we are in the middle of a global pandemic."