CPI will need to regain an IG rating to issue new hybrids, but this will require two things at a minimum. Firstly, an LTV of 40% (currently 50%) will be necessary. This will

Neither the size of the sale nor the valuation is public, but the disposal is in line with concentrating on markets where

CPI has plans for Immofinanz and was unlikely to want to involve a potentially hostile shareholder. Petrus’ 11% stake in Immofinanz didn’t

The cash up to CPI for its S Immo shares will be around €100m, and the remainder is via a €500m intercompany loan. CPI had

Petrus taking an 11% stake in Immofinanz is irritating, but ultimately CPI’s 75% stake gives it control. Petrus claims the stock could be

CPI should be pleased with the pricing of its deal to yield 6.875%; we had expected >7%. Our point from yesterday stands with debt of

The €600m of new debt to finance the tender offer for the 2.75% 2026 and 1.625% 2027 bonds (€1.24bn outstanding) will cost around 550bp more

The 38.4% of S Immo directly held by CPI will cost around €620m. Our analysis shows a gap in Immofinanz's cash of about €325m. CPI Property may arrange finance to

Immofinanz’s squeeze out of minorities at S Immo will cost €116m; the price proposed is €22.05 per share. Immofinanz will likely be able to fund

The latest update doesn’t change anything for creditors. With €21bn in assets, a block on reducing assets beneath €535m will only have a small impact on

The proposed 10:1 stock split will not change anything for debt investors. The main

With the squeeze out of minorities at the S Immo level, we are not surprised that CPI and Immofinanz are looking at a possible combination of