finance.yahoo.com

CIBC Turns Bullish on Enbridge After KKR-Apollo Deal

Enbridge logoEnbridge
Sig3.10Sen+3.90Env-1.80Soc+0.20Gov+1.30
KKR & Co. logoKKR & Co.
Sig3.05Sen+4.25Env-3.45Soc0.00Gov+1.20
Apollo Global Management logoApollo Global Management
Sig2.35Sen+2.20Env-2.60Soc+0.60Gov+1.25
CIBC (Canadian Imperial Bank of Commerce) logoCIBC (Canadian Imperial Bank of Commerce)
Sig1.22Sen+2.15Env0.00Soc0.00Gov0.00

Enbridge’s joint venture with KKR and Apollo will fund the Aspen Point and Sunrise expansion programs for Canada’s Westcoast natural gas pipeline system. The deal uses outside capital to accelerate growth while giving up a 29% stake and limiting leverage. Long-term contracts and rising gas demand support the outlook, alongside a CIBC upgrade to Sector Outperform.

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