最新的秋季声明对债务市场意味着什么？

The initiatives were so well briefed, financial markets were fully prepared and, as a result, there has been little movement in interest or forex rates, which is a marked contrast to the mini budget. Borrowers are continuing to adjust to the new lending market and are specifically focused on where loan liquidity is, what leverage attachment points are available and how much debt now costs. Lenders are very focused on valuation trends and interest cover, which has been impacted given the increase to the all-in cost of debt.

Consequently, we are seeing lower leverage being offered across all asset classes, but loans are still being written and we have closed or are closing very substantial loans in office, residential and hotels at attractive leverage and pricing points.

OPRE的挑战略有不同，不同资产类别之间的挑战有所不同。影响借贷的主要挑战是能源和工资通货膨胀 - 款待和社会护理业务受到特别影响 - 因此这些部门继续面临挑战。另一方面，某些部门（例如自我存储）具有很高的边缘和低头数量，因此受到的影响较小。这些挑战袭击了经济的所有部分，可能会影响其他房地产资产类别的占用和租金水平，但OPRE将首先受到挑战。

投资者正在寻找的是一个有吸引力且稳定的投资环境，在迷你预算之后，英国的声誉在全球范围内受到了重大打击。现任政府正试图恢复这种声誉，市场对预算的反应代表了以前的政权的一些进展。虽然利润税是投资者的考虑因素，但我认为这是整个国家风险的次要要素，而从19％到25％转移可能是决定因素。此外，如果您将英国公司税与许多其他国家进行比较，那么越高的25％仍然具有竞争力。

For a reasonable period, the gap between mid-term SONIA and Euribor Swaps has been between 75bps and 100bps. During Trussonomics, that gap rose to over 3% highlighting investor views of the growth strategy proposed – that gap is now back c1% suggesting the new PM has recovered some of the lost market reputation.

最大的受益者将是零售商和款待。费率和租金之间的联系被错位 - 租金保持相对平坦，但利率不断增加。当我们进入低迷时，零售商和经营房地产企业将挣扎，因此减少开销将使他们有很大的生存机会，如果不是一旦市场开始恢复，就可以蓬勃发展。