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(High Yield) Bonds in the European Real Estate Sector – UPDATE

April 2018
Mayer Brown Article
In February, we published an article on High Yield Bonds by German Real Estate Companies, in which we noted the increasing convergence / overlap between traditional real estate finance, leveraged finance and debt capital markets products, as exemplified by a small but increasing number of high yield bond offerings by German real estate companies. Before the Easter break, we published our latest Update on what can likely be classified as a growing trend of “corporate-style” bond offerings by European real estate companies.

During the same week, Globalworth Real Estate Investments Limited (Moody’s: Ba1; Fitch: BBB-), a fully integrated Guernsey real estate company operating in the CEE region with a primary focus on Romania and Poland, established a €1.5 billion EMTN program and priced an offering of €550,000,000 3.0% Senior Notes due 2025 with an issue price of 99.225%, for a 3.125% yield.
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