POWER: Conrad Energy, Leonardo Sign 20-Year PPA in UK
Conrad Energy has signed a 20-year PPA with helicopter manufacturer Leonardo to supply renewable energy from a solar PV farm in the UK that is scheduled to start construction later this year according to RenewsBiz.
- Leonardo will purchase electricity from the 11.25MW Camp Road solar farm for its side in Yeovil, Somerset, once operational.
- The project recently received planning permission and construction is scheduled to start later this year.
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FRANCE: Le Pen Found Guilty Of Embezzelement
Wires reporting that far-right Rassemblement National (RN, National Rally) figurehead Marine Le Pen, along with eight RN MEPs, has been found guilty of embezzlement in relation to jobs for party officials at the European Parliament. Le Monde reports "The sentences will be detailed individually, but are not yet known." As noted a short time ago (see 'FRANCE: Le Pen Embezzelement Verdict Underway', 0935BST), focus will now turn to whether the court imposes a ban on Le Pen running for office as part of her sentence. This ruling would upend the 2027 presidential election, where Le Pen is the current frontrunner.
OAT: Uncertainty Set To Prevail, Even With Le Pen Found Guilty
No real initial reaction in OATS (both outright and in spread vs. Bunds) as Le Pen is found guilty in the RN embezzlement case.
- Political uncertainty and fiscal risks are set to remain evident in the near term, irrespective of who leads the RN through the next election cycle.
- Our political risk team previously noted that an appeal would be immediate in the event of a guilty verdict, but even this would not remove the bar.
- A recent Constitutional Court ruling declared that an individual can be declared ineligible to run for office even if they have launched an appeal and during that process, they would remain ineligible. There is some language in the wording of the ruling, regarding judges balancing the ineligibility ruling with the 'freedom of voters'.
- In any case this process likely results in a furious political storm, but the outcome is as yet unclear.
EFSF ISSUANCE: Syndication: 5-year May-30: Spread set
- Final Spread: MS+30bps (guidance was MS+32bps area)
- Size: EUR benchmark
- Books in excess of E13.5bln (ex JLM interest)
- Maturity: 07-May-2030
- Settlement: 07-Apr-2025 (T+5)
- Coupon: Long first to 07-May-2026
- Bookrunners: CITI/CACIB(DM/B&D)/SG
- ISIN: EU000A2SCAT6
- Timing: Books to close at 10:30BST / 11:30CET, today’s business
