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CREDIT SUPPLY: Gas Networks Ireland (A2[P]/A+/NR): IPT

CREDIT SUPPLY
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  • IPT: EU300m WNG 6Y Fixed MS+120 Area.
  • We see FV at MS+75a.
  • BOGAEI 26 generally traded 10-30bp through 1-2 notch lower rated ESBIRE (A3/A-/NR) before drifting wider over the past 6 months. Although that bond is marginally wide to ESBIRE currently, we peg our FV 5bp through the ESB curve. That would also put BOGAEI inline with RTEFRA (NR/A/NR).

  • BOGAEI is exposed to headline risk due to decarbonisation goals in Ireland, but in practice gas is likely to remain in use for the foreseeable future.

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  • IPT: EU300m WNG 6Y Fixed MS+120 Area.
  • We see FV at MS+75a.
  • BOGAEI 26 generally traded 10-30bp through 1-2 notch lower rated ESBIRE (A3/A-/NR) before drifting wider over the past 6 months. Although that bond is marginally wide to ESBIRE currently, we peg our FV 5bp through the ESB curve. That would also put BOGAEI inline with RTEFRA (NR/A/NR).

  • BOGAEI is exposed to headline risk due to decarbonisation goals in Ireland, but in practice gas is likely to remain in use for the foreseeable future.