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Genesis Energy

Fat Prophets

Wednesday 2nd April 2014

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The New Zealand government has now released the final pricing details for the third and final cab off the rank in a series of sales of state owned energy companies. The latest is Genesis Energy which is New Zealand’s largest electricity and gas supplier.

We previously covered both the floats of Mighty River Power and Meridian and advised sitting them out. We however believe that there are a number of important differences with the Genesis Energy float which could potentially make it a more attractive offering. We believe that the structure of the offer is more appealing with investors now having clarity on price before applying. The assets behind Genesis are also different in makeup, with more exposure to thermal energy in particular. Furthermore, the company is more diverse in terms of customer base and revenue streams. Read more.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond

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