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QuotedData’s morning briefing 9 April 2020

In QuotedData’s morning briefing 9 April 2020:

  • Rating agency, Moodys has placed Hammerson’s credit rating under review. Currently it rates it as Baa1 (the equivalent of BBB+. If the rating falls below Baa3/BBB-, Hammerson’s debt will no longer be classed as investment grade and it could find it more expensive and harder to borrow and to refinance its existing debt.
  • Supermarket Income REIT hopes to raise £75m via an issue of shares at 103p each, a 5.7% discount to last night’s closing price but a 6.2% premium to its NAV. It has two purchases lined up that would cost it £115m, and other possible deals worth £180m behind that (so maybe it would be prepared to take in more than the £75m).
  • JPMorgan US Smaller Companies returned 25.8% in NAV terms over 2019, 5.4% ahead of the return on the Russell 2000 Index.
  • DP Aircraft I says that Thai Airways has asked the company for a temporary relaxation of its lease payment obligations in light of the ongoing Covid-19 crisis, Discussions will begin today with Thai to ascertain whether and on what basis the existing lease arrangements might be reviewed. Thai has emphasised that it remains fully committed to its obligations, and to date it has made all payments due to the company in full and in a timely fashion.

We also have results from Regional REIT, Dunedin Income Growth and International Public Partnerships; and covid-19 updates from Town Centre Securities, Custodian REIT and Warehouse REIT.

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