Thames Water - How we are considering taking a position

We have modelled recapitalisation scenarios for both restructurings under both proposals and for both classes of bonds. On the basis of our DC of the company, considering fines, totex, etc. we come to a set of conclusions that allow us to put goalposts around a possible entry into the structure. Naturally, we have made significant assumptions around our expectation of WACC and Ofwat's requirements and we are weighing November news flow against fees.