Thames Water's debt test, the EU's govvie transition and LatAm alive

Send us Fan Mail◆ Its pipes leak but does Thames Water’s debt structure hold water? ◆ How the EU’s funding for H2 impacts the SSA market ◆ LatAm issuers like London buses but not for the obvious reasonThames Water, the utility that hydrates over a quarter of the UK population, ran into trouble this week that could result in its renationalisation. We examine the company’s debt structure and assess what it means for the health of its whole business securitization.Meanwhile, the EU revealed a much smaller funding requirement for the rest of the year than many expected this week. We discuss its impact on other SSA issuers and how it affects the issuer’s quest for investors to view it as a sovereign borrower.London buses, the cliché says, don’t come for ages and then several arrive at once. That’s the tale of the Latin America primary bond market this year too but it’s not the only comparison to be made with the double deckers on the UK capital’s streets because plenty of this week’s deals were also big in the red. Several well-known issuers priced new issues, some of which were over $1bn and some of the week’s bonds went on to trade below reoffer. We assess what that means for LatAm issuers in the weeks to come.