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Italgas (Baa2): Spread Impact

UTILITIES
  • So far FIREIT spreads 1-5 tighter, IGIM 1-3 wider.
  • Curves trade relatively close together, with limited room for convergence. 33s look to have the most potential.
  • Limited IGIM widening so far suggests the market isn’t convinced a deal is likely or will involve equity funding.
  • FIREIT bonds contain CoC provisions, looking into the details there.

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