May 16, 2024 13:44 GMT
TenneT (A3/A-): Bonds React
UTILITIES
• Following the earlier news, TenneT bonds are pricing out some of the event-of-default premium; bonds could have been accelerated at par in the central scenario of an asset sale to Germany.
• Adverse scenarios for longs would be a partial sale (listing or private) of less than a “substantial” (50%?) part of the German subsidiary, meeting neither events of default or change of control clauses; or an investment from the Dutch treasury.
• Lowest cash price bonds are unperforming with the biggest mover on screen {BM581981 Corp} down ~9.3pts / 75bp wider.
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