Vonovia

Vonovia has increased the planned size of its convertible bond from €750 million to €850 million after demand exceeded expectations. The move reflects a global surge in convertible bond issuance, with record volumes as companies use the instrument to mitigate higher interest costs. Investors value the papers’ combination of upside potential and downside protection, while shareholders often criticize the exclusion of subscription rights and the risk of dilution. » Altro su handelsblatt.com

While US REITs posted profits in 2026 despite rising bond yields, Vonovia is under pressure from higher financing costs and political uncertainty in Berlin. Vonovia refinanced about €4.4 billion in H1/2026 at medium maturities and remains committed to its 2026 guidance, but faces slower property disposals. For investors, the financing structure, the debt maturity profile and interest-rate hedges are crucial; upcoming Fed and ECB decisions and a party congress of Die Linke could further affect the situation. » Altro su finanzen.net

Vonovia shares slipped following a skeptical rating from Morgan Stanley and at times fell below their recent annual low of €16.185. Rising market interest rates and the renewed debate about expropriating property portfolios after the Left Party’s election victory further weighed on the stock. Outlooks remain under pressure because Vonovia, together with Deutsche Wohnen, would be particularly affected in the event of a red‑red‑green Berlin government. » Altro su finanzen.net