LittleJohn2 schreef op 10 november 2020 14:42:
1. As far as I understand there are no legal barriers that could stop ECP from issuing bonds - so in the future they might decide that they want to take that route, at the right time and market conditions
2. The press release clearly states the facts that ECP currently doesn't have any bond financing + ex CEO highlights some considerations that should be taken into account in regards to bond financing decision before going ahead with it
3 Also, there is a new CEO in place, so his vision on how to run ECP doesn't have to be exactly identical with MR Lewis' and: '€600-million bond maturing in February 2031 and paying a coupon of 0.875% - subscribed more than three-times over' is definitely something they shouldn't ignore considering the 1.9% interest they are currently paying for their debt.
4. In real estate, if you pay for your debt 2x more than your competitors, it will shortly become really difficult for you to compete with them.
"All our debt is in the form of straightforward individual mortgage loans with a wide range of banks with whom we have established long-term relationships so we do not have to worry about volatile bond markets or the effect rating agencies can have on interest rates or liquidity requirements."