Pareto High Yield Daily-06/29/2026

Research evidence excerpt

Pareto High Yield Daily-06/29/2026

Pareto High Yield Daily

29 JUN 2026

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Sector Credit Research Altra Fastigheter – SEK 1.2bn property divestment to Storsala

Key numbers

• Altra has entered into a conditional agreement to divest four properties to 6 day change Last 1D 1M 6M 12M

Storsala AB at an agreed property value of SEK 1,187m, marginally below OMXSPIOslo Børs Benchmark 1,086.51,900.6 -0.7-0.8 %% -0.8-5.0 %% 13.44.5 %% 13.218.2 %%

book value. OSX 90.0 -0.8 % -9.8 % 23.0 % 53.7 %

• The portfolio is located in Nacka, Järfälla and Stockholm and comprises Oil price 72.6 0.8 % -21.2 % 17.1 % 7.1 %

49,000 sqm, mainly office and education premises, with 86% occupancy and iTraxx 5Y (generic) 247.1 0 bps -5 bps 1 bps -13 bps

SEK 85m in annual rental income. NIBOR 3m 4.56 -2 bps 0 bps 48 bps 20 bps

• Purchase price will be paid through SEK 1,072m in cash and a SEK 75m NIBOR 3Y swap 4.70 -1 bps -8 bps 63 bps 93 bps

promissory note, with closing expected in Q3’26, subject to financing and NIBOR 5Y swap 4.49 0 bps -9 bps 43 bps 76 bps

regulatory approvals. STIBOR 3m 1.99 0 bps -2 bps 14 bps -17 bps

• The transaction reduces Altra’s forecasted 2026 profit from property STIBORSTIBOR 3Y5Y swapswap 2.352.48 11 bpsbps -11-11 bpsbps -82 bpsbps 3831 bpsbps

management by SEK 12m, but is expected to have a marginal positive US SOFR 3.64 2 bps 9 bps -2 bps -72 bps

earnings effect. US SOFR 3Y swap 3.89 -2 bps 4 bps 59 bps 50 bps

• Overall, we view the divestment as credit positive, as it releases sizeable US SOFR 5Y swap 3.85 -3 bps -1 bps 44 bps 42 bps

liquidity at a limited discount to book value and provides flexibility for new EURIBOR 3m 2.29 -1 bps 10 bps 27 bps 31 bps

investments. EURIBOREURIBOR 3Y5Y swapswap 2.712.74 -1-1 bpsbps -30 bpsbps 3417 bpsbps 6147 bpsbps