KNG’s Andrew Lee quoted by Bloomberg on Thames Water bond default
- 8th April 2024
Our distressed credit analyst Andrew Lee has been quoted by Bloomberg and the i Newspaper on bond default by Thames Water’s holding company.
“This is clearly an ugly situation for bondholders and it seems it will only get worse,” says Andrew. “Thames Water’s such a political football, especially in an election year, which creates a huge amount of uncertainty over how the situation will progress over the coming months.”
Although this default was expected from Kemble, it has also pulled down bond prices at the operating group by a couple of points.
Trading in the defaulted Kemble bond has been limited recently – the trade has mainly been hedge funds dipping in and out with the bond trading at around 15p.
Read the full story on Bloomberg here: