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UK Water: Still Repricing Post Thames

UTILITIES
  • € THAMES are mixed in a -3 to +3 range today, with £ -7 to +6 but skewed to tighter overall.
  • € paper from UK water companies is scarce but seeing SVTLN 34 +5 and UU 34 +4 today.
  • £ is trading closer to unchanged, with one of the weaker names SWSFIN the underperformer at +2 to +7.
  • UU and SVTLN are unchanged to 1 wider in their home currency.
  • It seems likely sentiment around the sector will be subdued for a while, with SAR and haircut probability considerations making this more of a special situation with typical IG investors less likely to step in.
  • € appears more vulnerable than £ with the local investor base likely more comfortable with the intricacies of UK water regulation.

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