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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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TenneT (A3/A-): Grid Asset Sales Edges Closer
- Bloomberg reports that the deal to sell Tennet’s Germany grid assets to the German government could be announced in the coming days.
- It would appear to be in all parties’ interests to get this deal done.
- Article mentions the previously mentioned €22bn valuation could comprise €14bn in debt and €8bn in equity. This is the first mention of debt component that we have seen.
- Since the deal story surfaced, sub-par bonds have traded at a premium, with CoC optionality in focus. Bondholder consortiums looking for consent solicitation fees is another prospect.
- We may see further compression towards par with the deal getting closer.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.