October 04, 2024 12:18 GMT
UTILITIES: Italgas (IGIM Baa2/NR/BBB+): Nearing 2i Rete Gas Deal
UTILITIES
- Bloomberg reports Italgas’ deal for 2i Rete Gas could be completed in the coming days.
- This deal has been expected, first news broke in April and indications have been have looked increasingly likely since. IGIM spreads have underperformed by around 15bp over that time. FIREIT trades 0-10bp wide of IGIM liquid bonds.
We estimate leverage would rise around 1.5x pre synergies.
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