Emeria - comment

The bonds did better yesterday. €200m fresh equity (elsewhere rumoured to be €250m of 1.5L) isn’t the world on a €3.5bn cap stack. But for a simple (2-tier) A&E we wouldn’t expect €500m either. We’d expect the small SUNs not worth risking the structure over, so shareholders shouldn’t try leapfrogging them too hard. The goal posts are coming together because everyone will benefit from a deal. At the risk of rowing the bout out far, we think it’s just a matter of structure now.