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UTILITIES: Thames Water (Caa1[N]/CC[N]/NR): Haircut Headline

UTILITIES
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  • Bloomberg reports that the Covalis bid for Thames Water envisages no haircuts for Class A and a restructuring of Class B.
  • This is a strange headline, and we struggle to give it much credibility without further details. It seems to suggest that the bidder believes the asset can extract consider sum of the parts value from the assets. Perhaps seniority or maturity amendments are being considered, or this could simply be an unrealistic posture that gets revised later.
  • It seems highly unlikely that Class A can avoid some kind of restructuring at this point. We see little market impact post headlines so far.
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  • Bloomberg reports that the Covalis bid for Thames Water envisages no haircuts for Class A and a restructuring of Class B.
  • This is a strange headline, and we struggle to give it much credibility without further details. It seems to suggest that the bidder believes the asset can extract consider sum of the parts value from the assets. Perhaps seniority or maturity amendments are being considered, or this could simply be an unrealistic posture that gets revised later.
  • It seems highly unlikely that Class A can avoid some kind of restructuring at this point. We see little market impact post headlines so far.