Free Trial

Thames Water (Baa1/BBB): Top Performer

UTILITIES
  • THAMES is a top performer in €IG today with spreads 4-8bp tighter.
  • The next catalyst for this credit will be the Kemble (TopCo) loan due next month. THAMES spreads had sold off ~45bp since news broke of lenders bringing on EY as advisers. Today’s move is a partial retracement.
  • Interestingly Kemble bonds are ~2.25pts lower today. Taken together these moves could imply some development protecting the ring fence for THAMES bonds, but no news out there that we can see.

To read the full story

Close

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.