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EDP (Energias de Portugal)

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Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

IG Note: EDP - New 7 Year Green Bond

IG Note: 09 Oct 2018, 5:17 AM ET - EDP is in the market with a new seven year green bond. The bond looks attractive at IPT and we see value down to about MS+125 bps.

Engie 1H18: In Line Results, Nothing On EDPR

Earnings Note: 29 Jul 2018, 10:27 PM ET - The Engie results were in line with consensus, and while the question was asked the company would not comment on speculation it is interested in EDPRs US wind assets.

Engie/Orsted: Interested In EDPR?

Company Analysis: 26 Jun 2018, 10:07 PM ET - There is speculation that both Engie and Orsted are considering bidding for EDPR. We do not see this as likely but it is possible they might look to buy individual assets.
Focused

EDP: New Long 7 Year Benchmark Bond

IG Note: 20 Jun 2018, 5:09 AM ET - We see the new EDP issue offering about a 20 bps new issue concession at IPT. We expect it to tighten from this level but would be buyers down to about MS +120-125.

Euro HY Conference 2018: Insurers and Utilities

Transcript: 19 Jun 2018, 10:51 PM ET - Hybrid bonds issued by European Utilities and Insurers offer an interesting investment opportunity considering their relatively high yield levels while benefiting from strong ratings. We believe they offer an excellent risk/return.

Asia IG News: Tencent, Great Wall AMC, Vanke

Worth Watching: 17 May 2018, 5:50 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research)Greater China:China Great Wall Asset Management Company set a final price guidance for its proposed 5-year Reg S $600 mn (capped) bond at T+155 bp vs. initial price target (IPT) of T+ ..
Focused

EDP: Moody's Says CTG Potentially Positive

Worth Watching: 16 May 2018, 11:26 AM ET - (Baa3/BBB-/BBB-): Moody's has stated that the possible purchase of EDP by CTG is "potentially positive" for the Portuguese utility. It states that EDP would benefit from being part of a large, diversified, renewable energy group and from any ..
Focused

EDP: Buy The Hybrid

Worth Watching: 15 May 2018, 9:29 PM ET - EDP (Baa3/BBB-/BBB-): Following the announcement of the CTG offer for EDP we have seen an aggressive sell off of the hybrid bond. From a closing price of 110.76 on Friday 11 May before the offer was announced, the hybrid closed at 109.653 on Mo ..
Focused

EDP: Equity Up But Bonds Down On CTG Offer

Company Analysis: 14 May 2018, 9:53 PM ET - While equity was up on the CTG offer for EDP, bonds did not fare so well, with the hybrid being the worst hit. However fundamentally we view the potential offer as broadly credit neutral and believe the weakness unwarranted.
Focused

EDP: CTG Bids €12 bn For EDP

Company Analysis: 13 May 2018, 8:40 PM ET - We see the CTG bid on EDP, tabled over the weekend, as a low offer and one with regulatory hurdles, but it could bring other bidders out of the woodwork given previous speculation of interest in the company.
Focused

Euro Utilities: 2017 Results Roundup

Sector Analysis: 12 Apr 2018, 10:19 PM ET - We take a look at the trends and the highlights of the recent 2017 Euro utility results season 
Focused

EDP/Engie: Will They? Won't They?

Worth Watching: 09 Apr 2018, 5:58 AM ET - EDP/Engie : Speculation emerged this morning that Engie (A2/A-) is considering an offer for EDP (Baa3/BBB-). EDP equity is up 5% and CDS on EDP Finance is 5bp tighter as we write. There has been a lot of speculation around Engie making a big ..
Focused

EDP: FY17 Results As Expected

Worth Watching: 04 Mar 2018, 8:52 PM ET - EDP (Baa3/BBB-) reported FY17 results within guidance, but mostly at the low end of that guidance. Reported EBITDA was up 6% to €4 bn but was bolstered by the €500 mn gains from the Naturgas sale. Excluding this, Recurrent EBITDA declined by 5 ..

2018 Outlook: Euro Utilities, Brave New World

Sector Outlook: 12 Dec 2017, 4:04 PM ET - In 2018 we see operating results and credit quality being relatively stable for the utility sector, but longer term increasing competition and declining profitability will likely lead to anew wave of M&A.

UK Utilities: Draft Leaves Hard Work To Ofgem

Sector Analysis: 12 Oct 2017, 10:20 PM ET - Draft legislation will enable the imposition of supply price caps in the UK but fell short of any clarity on the mechanics or level of the cap. The hard work in that regard falls to Ofgem.  

UK Utilities: Pummelled By Price Cap Uncertainty

Sector Analysis: 04 Oct 2017, 10:30 PM ET - UK utility share prices were pummelled on Wednesday after the government resurrected the prospect of price caps on the standard variable tariff. We cut Centrica and SSE to Underperform.
Focused

DONG/innogy/EDP: Awarded UK Offshore Wind CfDs

Worth Watching: 11 Sep 2017, 5:49 AM ET - DONG/innogy/EDP : Offshore wind projects from DONG (Baa1/BBB+), innogy (Baa2/BBB-/BBB+) and EDP (Baa3/BBB-, through renewable subsidiary EDPR) have been awarded long term Contract for Difference (CfDs) in the recent UK auction. Contracts fo ..

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