Tag Archives: Thames Water

Thames Water – spinning out of control – Con Keating on its 2022 accounts

  Thames Water published its 2022/23 reports today. You can access them here.   These are some initial thoughts, from a first reading of the annual report, published this morning. The co-CEO of Thames Water was interviewed on this morning’s … Continue reading

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Thames Water: Thin Capitalisation and the Credit Risk of Indexed Linked Corporate Debt

GUEST BLOG FROM WARWICK LIGHTFOOT Thames Water’s challenges reflect over use of debt and leverage, the retreat from public markets to private equity and the huge credit risk of indexed linked debt in the private sector. In a paper prepared … Continue reading

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Thames Water and the peril of private markets.

Not all utilities are in private hands , not all borrow more than they are worth and not all are facing the existential problem of Thames Water. It’s an uncomfortable reality for Government, in a week when the Chancellor will … Continue reading

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The fate of Thames Water is in the pension funds’ hands.

As this collection of headlines shows, the FT places the importance of Thames Water’s future at the top of its weekend agenda. The article, which I reported on yesterday, makes it clear that USS – the university pension scheme, is … Continue reading

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USS backs Thames Water’s turnaround plan – did they have a choice?

  Jo Cumbo of the FT has a scoop. One of the largest investors in Thames Water has given its support for the utility as other industry figures sought to stave off any possible nationalisation of the sector. The £90bn … Continue reading

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Thames Water – do consumers take priority over bond and shareholders?

This blog is about the competing interests for the long-term revenues of Thames Water. JP Morgan have furnished the FT with a chart showing who owns what at Thames Water. It shows USS owning 9.1% of the equity , though … Continue reading

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What Thames Water means to pensions

Thames Water is in big trouble, but its internal problems are secondary right now to the impact its not being able to service its debt has on its shareholders, the largest shareholders of Thames Water include the Ontario Teachers Scheme, … Continue reading

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10 infrastucture opportunities pension funds cannot ignore!

The Government has announced that it wants UK pension funds to invest in UK infrastructure. This week we saw a slice of Thames Water purchased by the Chinese. I live on the Thames and as dawn rises this morning I’m on “Junk Alert” on “the partially yellow river”. Continue reading

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