Nadège Tillier

Fluvius/2018 financials in line, bonds fairly valued/STABLE

Fluvius published its 2018 annual report a few days ago. Fluvius is the result of a merger by absorption of Infrax CVBA by Eandis System Operator CVBA. Both electricity and gas grids companies operate in the Flanders region of Belgium. The IFRS annual report consolidates for Infrax from July 2018 onwards. Looking at bonds valuation, we consider Fluvius' curve to be fairly valued. The name trades slightly tighter than Stedin, also rated A-. We still see value in Elia's senior bonds, which trade c.20bp wider than Fluvius.

In FICC (Fixed Income, commodities and Currencies) Research, we offer niche EM expertise, especially in EMEA. We are the go-to bank for Benelux issues, from regulations to rates to a Benelux credit focus. We have developed top notch covered bonds research, and have niche offerings in money markets, rate derivatives and European high yield. We overlay this with a global offering in macro, FX, commodities research and technical analysis. Europe is a key focus for us, but our global sphere extends to the Americas and Asia, in areas where we have selected DM & EM edges. Our analysts provide both written output and conference calls, but also travel the world to provide face-to-face presentations.

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Nadège Tillier

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