October 09, 2024 07:50 GMT
CREDIT SUPPLY: Southern Gas Networks (SGN Baa1/BBB/BBB+): New Issue FV
CREDIT SUPPLY
- IPT: Southern Gas Networks EU500m WNG 6Y MS+150-155.
- We see FV at MS+110a.
- SGN has £ bonds which trade in line with Cadent (CDTFIN Baa1/BBB/A-) which gives us 110a FV. We would expect a discount for a first-time issuer in €, especially given sentiment around regulated UK utilities.
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