Sinal dos tempos

We noted that the sovereign does not guarantee the debt of EDP so the utility debt is not at risk of subordination from EU/IMF facilities (particularly important post-2013, bearing in mind EFSF/ESM proposals)

Wiich we note in part for its irony, too. EDP is better off without a guarantee from a western sovereign. So much for risk-free rates and the sovereign ‘ceiling’ on creditworthiness. A sad relic of bond markets, nowadays

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