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UTILITIES: Italgas (IGIM Baa2/NR/BBB+): 2i Rete Gas Progress

UTILITIES
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  • In line with previous reports of an offer post summer, Corriere della Sera reports that the Italgas board could approve a binding offer for 2i Rete Gas by the end of next week.
  • The article cites a €5.2bn valuation, above the €4-5bn previously mooted.
  • The IGIM and FIREIT curves have converged since news of the potential deal first broke. While some IGIM lines remain tighter than FIREIT, more recent liquid deals trade in line.

  • IGIM spread have underperformed peers by around 10bp over that time (chart). With leverage potentially rising 1.5-2x pre synergies we are cautious on IGIM spreads. Supply is a consideration as well with €3bn of debt financing reported.

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  • In line with previous reports of an offer post summer, Corriere della Sera reports that the Italgas board could approve a binding offer for 2i Rete Gas by the end of next week.
  • The article cites a €5.2bn valuation, above the €4-5bn previously mooted.
  • The IGIM and FIREIT curves have converged since news of the potential deal first broke. While some IGIM lines remain tighter than FIREIT, more recent liquid deals trade in line.

  • IGIM spread have underperformed peers by around 10bp over that time (chart). With leverage potentially rising 1.5-2x pre synergies we are cautious on IGIM spreads. Supply is a consideration as well with €3bn of debt financing reported.