Utilities: stoking the flames

Credit of the month


The continuing decline of utility paper spreads well into this year has been accompanied by a tightening of the sector versus true corporate bond spreads. The downward spiral in spreads has attracted the attention of many utility firms to the favourable issuing conditions. This has translated into a flow of bond issuance since January, with utility companies tapping the market to the tune of over Eu20 billion. This wave of issuance has done nothing to stop spreads cascading in, but

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