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Enel (Baa1/BBB): SLB Step Event

UTILITIES

• Enel yesterday missed its CO2/kWh KPI triggering 25bp step ups on some of its outstanding SLBs.

• Although widely expected spreads on affected bonds (labelled on the chart) have outperformed by 10-20bp with the step only partially priced in previously. Spreads have moved both yesterday and today.

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• Enel yesterday missed its CO2/kWh KPI triggering 25bp step ups on some of its outstanding SLBs.

• Although widely expected spreads on affected bonds (labelled on the chart) have outperformed by 10-20bp with the step only partially priced in previously. Spreads have moved both yesterday and today.

Keep reading...Show less