EU UTILITIES: Utilities - Week in Review
Feb-21 13:50
Utilities: Week in Review
• Spreads were a healthy 4.5bps tighter this week with some small issuers having outsized gains.
• Enel brought €2n across three tranches – 3yr, 6yr, 11yr – attracting €8bn in orders. The bonds were 4bps tighter in secondary by the week’s end.
• UU 2034s rallied 8bps on the success of its new 8yr which was upsized twice from €500 to €650 and attracted a 5.7x book. The bonds came 5bps inside our FV.
• Stable results from Naturgy, A2A, Enagas, and the Southern Co.
• SGN 3.5 30 were the top performer on the week at -15bps. A €500m single ISIN in Euros. The GBP curve has also been performing this year but not to the same extent.
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CANADA: CAD Assets Look Through Further Climb In Y/Y Cost Pressures
Jan-22 13:44
- The industrial product and raw materials price report didn’t have a discernible impact on Canadian asset prices although it nevertheless shows a further acceleration in cost pressures in Y/Y terms.
- BoC-dated OIS has ~21bp of cuts priced for next Wednesday’s BoC decision.
- Not linked to the data, USDCAD has since stepped higher to session highs of 1.4370 on the back of a leg higher in the BBDXY index. It remains within particularly wide recent ranges (key support at 1.4261 from Jan 20 low vs resistance at 1.4516 from Jan 21 high).
- Details: IPPI was admittedly softer than expected at 0.2% M/M (cons 0.6) after 0.6% M/M in Nov and 1.2% in Oct, although IPPI ex-petroleum has seen a more consistent recent trend with 0.4% M/M in Dec after 0.5% in Nov and 1.0% in Oct.
- That leaves IPPI ex-petroleum inflation at 5.1% Y/Y (fastest since Nov 2022) whilst raw materials inflation stands at 9.1% Y/Y or 12.1% Y/Y ex-petroleum (fastest since May 2022).
EGB OPTIONS: Bund Call Spread
Jan-22 13:38
RXH5 133.50/134.50cs, bought for 17.5 in 8.2k.
MNI: CANADA DEC INDUSTRIAL PRICES +0.2% MOM; EX-ENERGY +0.4%
Jan-22 13:30
- MNI: CANADA DEC INDUSTRIAL PRICES +0.2% MOM; EX-ENERGY +0.4%
- CANADA DEC RAW MATERIALS PRICES +1.3% MOM; EX-ENERGY +1.6%
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