** Morgan Stanley notes shopping centre operator Scentre Group's SCG.AX efforts to refinance ~A$1 billion of subordinated debt issued on September 20 would replace or restructure all callable hybrids
** Maintains "Overweight" rating at PT of A$4.34
** SCG still has ~A$1.8 billion of original hybrid issued on September 20 outstanding at margin of 475bps, with the first call date in 2030 - MS
** Brokerage also notes SCG has previously replaced A$300 million of hybrids with traditional debt in late 2023; additionally, A$900 million of hybrids were issued on September 24 to replace some of original hybrids
** Stock down 2% YTD
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))
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