June 14, 2024 11:12 GMT
Utilities: Week in Review
UTILITIES
- Utilities performed broadly in line with the market this week despite some primary-led repricing.
- EDF braved a triple trance on Monday despite the French situation; that came at the cost of a ~20bp NIC and 10bp move in secondary https://marketnews.com/edf-baa1-bbb-pos-bbb-new-issue-fv-analysis.
- Stedin’s €500mn was less dramatic at close to FV https://marketnews.com/stedin-nr-a-nr-new-issue-fv-analysis.
- Enel completed a credit supportive asset sale as expected https://marketnews.com/enel-baa1-bbb-bbb-asset-sale-completed.
- The proposed ownership changes at Naturgy fell apart. Credit had not reacted to the story and hence no impact here, even though we saw the deal as a longer term support https://marketnews.com/naturgy-ntgysm-baa2-bbb-bbb-talks-end.
- Veolia had their BBB Fitch rating withdrawn https://marketnews.com/veolia-baa1-bbb-nr-fitch-ra....
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