Volta pulls new investors into Portugal’s electric ABS
Energias de Portugal was able to better the size of its first electricity tariff deficit securitization by €300m with Volta II this week, as depressed supply in ABS drives investors to quirkier asset classes to deploy cash.
At €750m Volta II is the biggest Portuguese securitization since the crisis, taking the mantle from the €450m Volta I priced in May last year, and is a further boost for a periphery jurisdiction that has seen its funding costs scream inwards in the last 12 months.
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