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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.
UTILITIES
- 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
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.
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