The Carrousel du Louvre in Paris, one of Unibail-Rodamco-Westfield’s many premium centers


Unibail-Rodamco-Westfield was caught in the middle of a battle between the former CEO Léon Bressler and the current management team led by Christophe Cuvillier. On November the 10th, the management’s “Reset” plan, which include a 3.5 billion euros capital increase, was rejected by the shareholders, in favor of the “Refocus” plan of Léon Bressler and Xavier Niel. The Supervisory Board was thus renewed, and the company’s strategy was refocused.


As part of its refinancing plan, URW has issued 2 bonds, 1 billion euros with a 6-year maturity and a fixed coupon of 0.625%, and 1 billion euros with an 11-year maturity and a fixed coupon of 1.375%.


As the perpetual bond URW 2.875% PERP (Call 25/01/2026) is priced at 94% of its nominal value, the yield to call is 4.2%, i.e. an exceptional subordination premium of almost 400 basis points.


Quilvest Credit SUB is specialized in corporate perpetual bonds; hence by capturing this subordination premium, we are offering to our investors an Investment Grade yield of 2.3%, for a duration of 3.4 years.