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Utilities: Week in Review

UTILITIES
Credit BulletsBulletHomepagemarkets-real-timeCreditUtilities Market News
  • Spreads were mostly little changed with Madrilena Gas outperforming following consent solicitation https://marketnews.com/madrilena-red-de-gas-bbb-consent-solicitation.
  • National Grid stole the spotlight this week with their bumper rights issue although credit impact is negligible. Gearing is brought down in the short term, but ambitious investment plans will see that tick back up over the coming years https://marketnews.com/national-grid-baa2-bbb-bbb-ambitious-investment-plan.
  • With major investment required globally to support the energy transition and growing demand this is a dose of reality for the sector and its funding needs, with many European operators still government owned.
  • Primary was limited with just Enexis, Redexis and EPH pricing single tranche deals.

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  • Spreads were mostly little changed with Madrilena Gas outperforming following consent solicitation https://marketnews.com/madrilena-red-de-gas-bbb-consent-solicitation.
  • National Grid stole the spotlight this week with their bumper rights issue although credit impact is negligible. Gearing is brought down in the short term, but ambitious investment plans will see that tick back up over the coming years https://marketnews.com/national-grid-baa2-bbb-bbb-ambitious-investment-plan.
  • With major investment required globally to support the energy transition and growing demand this is a dose of reality for the sector and its funding needs, with many European operators still government owned.
  • Primary was limited with just Enexis, Redexis and EPH pricing single tranche deals.