EU UTILITIES: Spanish Gas Utilities: S&P Outlook Negative
Mar-07 14:03
- Yesterday S&P put gas distributors Madrilena, Redexis and Nortegas on outlook negative with the next regulatory period less than two years away. They need to show stabilising earnings, at least, under a more favourable regime. Downgrades may follow should that not materialises.
- Business risk is seen weakening gradually under the regulatory backdrop, with exposure to declining fossil fuel usage.
- It wants to see FFO/debt trending close to 12% by FY26. Capex reduction is not an option given that would lower growth trajectories. Dividends have already been cut, and costs are well managed. Therefore, ratings hinge mainly on the next regulatory framework.
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US TSY OPTIONS: Large March'25 2Y & 10Y Put Volumes
Feb-05 13:55
Underlying futures still well bid but paring post-data and Tsy refunding-tied rally
- over +24,000 TUH5 102.5/102.75 2x1 put spds, 2.5 ref 102-27.88 to -28
- over +40,000 TYH5 109 puts, 24 (total volume over 55,000)
US TSY FUTURES: BLOCK, March'25 10Y Sale
Feb-05 13:48
- -5,000 TYH5 109-18, sell through initial 109-18.5 post time bid at 0839:27ET, DV01 $300,000. The 10Y contract trades 109-17.5 last (+11).
EUR: FX Exchange traded Option
Feb-05 13:48
Weekly FX Exchange traded Option:
- EURUSD (21st Feb) 1.0250p, bought for 0.0019 in 2k.
