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Bond Market News
EDF’s Bonds Trade Weaker Across the Curve
March 20, 2024
EDF’s bonds were trading weaker across the curve. The company has delayed the restart of two units at its Heysham-1 nuclear power station after one of the turbines experienced vibration issues. EDF said, “some time is required to investigate the root cause”, and that the new restart dates for Unit 2 and Unit 1 will be on April 3 and April 12 respectively. In related news, Bloomberg reported that EDF will produce radioactive material for France’s nuclear weapons at its Civaux site in France. Separately, as per TRACE, trading volume on EDF’s bonds yesterday at 10.13am EST was more than 4x the average for that time of the day. The average for that time typically has been ~$12.1mn but yesterday’s volume for the same time was at $50.3mn, of which inter-dealer trades accounted for 56% of it at $28.2mn.
EDF’s EUR 3.375% Perp was down 1.4 points to 87.68, yielding 5.78% to call.
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