EU UTILITIES: REN: 1H25 Results
Jul-25 11:10
(RENEPL; Baa2/BBB/BBB+)
Credit neutral.
- EBITDA little changed YoY.
- FCF was €140m, €50m 2Q.
- Reported net debt marginally lower at €2.3bn.
- 68% gearing. Net leverage moved to 4.7x from 4.5x QoQ.
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CROSS ASSET: Bund and European Equities are extending losses
Jun-25 11:09
- The German Bund Futures is still leading to the downside, nothing fast, and more of a gradual move.
- European Equities are also under some pressure, VGU5 is making an attempt at Yesterday's low, and while this is not a good technical steady for this contract, a push down to 5270.00 would close Yesterday's gap, in a sense the ceasefire announcement's Rally.
- Estoxx picks up pace, short term play long Positions are bailing out on the back of the VGU5 breaking Yesterday's low.
MNI: US MBA: MARKET COMPOSITE +1.1% SA THRU JUN 20 WK
Jun-25 11:00
- MNI: US MBA: MARKET COMPOSITE +1.1% SA THRU JUN 20 WK
PIPELINE: Corporate Bond Roundup: SEK, Honda, Czech Group on Tap
Jun-25 10:57
- Date $MM Issuer (Priced *, Launch #)
- 06/25 $750M #Resolution Life 10Y 6.75%
- 06/25 $Benchmark Swedish Export Cr 2Y SOFR+35
- 06/25 $Benchmark Honda 3Y +90a, 5Y +100a, 10Y +120a
- 06/25 $750M Czechoslovak Grp 5.5NC2 7%a (dual currency w/ E500m)
- $17.15B Priced Tuesday, $31.6B/wk
