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Thames Water: Currency Divergence

UTILITIES
  • Seeing £ spreads 1-12bp tighter while € are quoted between 3 tighter and 18 wider and ~15bp wider on average.
  • See our earlier bullet for today’s newsflow https://marketnews.com/thames-water-pr24-update-submitted
  • The updated business plan appears to be a marginal positive but doesn’t change the big picture for this credit.

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