Taking Stock 

Will bond proxies be left high and dry?

Mark Robinson

Will bond proxies be left high and dry?

No hair shirts for the bond proxies, at least until Centrica (CNA) came along to spoil the party. It is too early to say if the British Gas owner’s decision to can its final dividend was a one-off response to an external crisis, or whether it heralds a more parsimonious approach by the privatised utilities. The credit outlook for European utilities was stable at the end of February, but three-months later and all bets are off.

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