Free Trial

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.

60 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • 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.