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Oct 1 2019, 10:20 IST/BST
ESB’s recent H1 results showed a recovery in leverage metrics, and funding activity year-to-date leaves near-term issuance needs manageable. Brexit may create some headline noise, but the continuation of the all-island electricity market is protected by bilateral agreement. Against this, we view the ESB’s long-dated € bonds as attractive as they trade c.10bps wide to fair value.