CPI Property Group - comment

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 <3% being replaced with debt carrying a coupon of 6%. The €700m raised means the Tender offer for the 2026/27 SUNs will go ahead. So far,  the proportion of the new bonds that have gone into the hands of 2026/2027 bondholders (who were offered a bump in the tender price) is not public.