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Utilities: Week in Review

UTILITIES
Credit BulletsBulletHomepagemarkets-real-timeCreditUtilities Market News
  • TenneT was the big mover this week; 35bp wider on average following doubts over the sale of German grid assets pricing out some of the “event of default” premium. Bonds stipulate sales of substantial parts of material subsidiaries are events of default https://marketnews.com/tennet-a3-a-bonds-react.
  • Thames Water moved +15bp over the week with Kemble shareholders starting to write off their stakes https://marketnews.com/thames-water-baa3-kemble-write-off.
  • Results from Engie, E.On, Italgas and Snam were all uneventful.
  • Primary saw deals from Amprion, Verbund, TVO and Oncor. We viewed Amprion (and Verbund, but justifiably so) as expensive at the long end; spreads remain wide to reoffer there. Verbund and TVO performed better. https://marketnews.com/amprion-baa1-nr-bbb-new-issue-fv-analysis, https://marketnews.com/verbund-a3-a-new-issue-fv-analysis

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  • TenneT was the big mover this week; 35bp wider on average following doubts over the sale of German grid assets pricing out some of the “event of default” premium. Bonds stipulate sales of substantial parts of material subsidiaries are events of default https://marketnews.com/tennet-a3-a-bonds-react.
  • Thames Water moved +15bp over the week with Kemble shareholders starting to write off their stakes https://marketnews.com/thames-water-baa3-kemble-write-off.
  • Results from Engie, E.On, Italgas and Snam were all uneventful.
  • Primary saw deals from Amprion, Verbund, TVO and Oncor. We viewed Amprion (and Verbund, but justifiably so) as expensive at the long end; spreads remain wide to reoffer there. Verbund and TVO performed better. https://marketnews.com/amprion-baa1-nr-bbb-new-issue-fv-analysis, https://marketnews.com/verbund-a3-a-new-issue-fv-analysis