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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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  • 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.