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Drax: Credit Now Tightening But Still No Regulatory Clearance

CREDIT UPDATE

Drax Group (DRX LN): further to this morning's comment (equity up but credit wider on carbon capture news)... equity has extended gains to up near-9% and cash bonds now trading tighter (the less liquid DRXLN 6 5/8 11/01/25 are 6bps tighter on OAS... ). Both parts of the capital stack outperforming matching indices... but no word from UK energy secretary Coutinho yet.

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