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UTILITIES: Week in Review

UTILITIES
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  • Spreads performed in line with the market at -5.5bp for the week. High beta DRXLN (-41) and ERGIM (-15) were the main movers with Italian names generally performing well.
  • RWE was reported to be preparing to sell its stake in Amprion, helping the latter’s spreads outperform slightly.
  • Also on the topic of German TSOs, TenneT will formally restructure into Netherlands and Germany operations under a single holdCo. This appears to be a further step towards a full or partial sale of the German assets.
  • Orano was put on outlook positive by S&P.
  • Bloomberg reported that bidders are mostly passing on the Thames Water equity raise for now. The process looks likely to be extended until after the Ofwat final determination. The FT reported a breakup bid is on the table from Covalis Capital, and Bloomberg reported that bizarrely, it does not envisage Class A haircuts. Smaller player Castle Water has also bid.
  • Primary saw just a 6Y from Veolia, priced on the curve.
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  • Spreads performed in line with the market at -5.5bp for the week. High beta DRXLN (-41) and ERGIM (-15) were the main movers with Italian names generally performing well.
  • RWE was reported to be preparing to sell its stake in Amprion, helping the latter’s spreads outperform slightly.
  • Also on the topic of German TSOs, TenneT will formally restructure into Netherlands and Germany operations under a single holdCo. This appears to be a further step towards a full or partial sale of the German assets.
  • Orano was put on outlook positive by S&P.
  • Bloomberg reported that bidders are mostly passing on the Thames Water equity raise for now. The process looks likely to be extended until after the Ofwat final determination. The FT reported a breakup bid is on the table from Covalis Capital, and Bloomberg reported that bizarrely, it does not envisage Class A haircuts. Smaller player Castle Water has also bid.
  • Primary saw just a 6Y from Veolia, priced on the curve.