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UTILITIES: Utilities - Week in Review

UTILITIES
Credit BulletsCEEMEAEurozoneItalySpainBulletUK

Utilities: Week in Review
• Spreads were a healthy 4.5bps tighter this week with some small issuers having outsized gains.
• Enel brought €2n across three tranches – 3yr, 6yr, 11yr – attracting €8bn in orders. The bonds were 4bps tighter in secondary by the week’s end.
• UU 2034s rallied 8bps on the success of its new 8yr which was upsized twice from €500 to €650 and attracted a 5.7x book. The bonds came 5bps inside our FV.
• Stable results from Naturgy, A2A, Enagas, and the Southern Co.
• SGN 3.5 30 were the top performer on the week at -15bps. A €500m single ISIN in Euros. The GBP curve has also been performing this year but not to the same extent.

Utils_Weekly
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Utilities: Week in Review
• Spreads were a healthy 4.5bps tighter this week with some small issuers having outsized gains.
• Enel brought €2n across three tranches – 3yr, 6yr, 11yr – attracting €8bn in orders. The bonds were 4bps tighter in secondary by the week’s end.
• UU 2034s rallied 8bps on the success of its new 8yr which was upsized twice from €500 to €650 and attracted a 5.7x book. The bonds came 5bps inside our FV.
• Stable results from Naturgy, A2A, Enagas, and the Southern Co.
• SGN 3.5 30 were the top performer on the week at -15bps. A €500m single ISIN in Euros. The GBP curve has also been performing this year but not to the same extent.

Utils_Weekly