April 26, 2024 12:25 GMT
Utilities: Week in Review
UTILITIES
- Utilities remain dominated by Thames Water and that’s unlikely to change anytime soon. News of Elliott’s involvement helped spreads recover a little this week, with United Utilities and Severn Trent also tighter leaving Utilities as one of the best performing sectors this week.
- Enel had SLB steps (25bp) triggered on 5 € and 5 $ bonds. Those bonds rallied with investors taking advantage of the higher yields. See https://marketnews.com/enel-baa1-bbb-slb-step-event .
- Iberdrola earnings beat expectations with FY net profit guidance raised. Vattenfall, Fortum, ESB, EDP, Orsted and Southern report next week.
- € supply came from RTE (dual tranche) and Fluvius.
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