文档介绍：Figure 2: WoW MLP Sub Sector Performance
Figure 3: QTD MLP Sub Sector Performance
Source: FactSet, Bloomberg, US Treasury
Source: FactSet, Bloomberg, US Treasury
Sentiment Update
Sentiment this week continued to be constructive post PAA's investor day (except for Friday). Overall feedback on PAA was encouraging with more and more talk about longer term and with growth questions for 2020 being partially answered, however, at the same time some wondered why there wasn’t a Bridgetex asset sale announcement. ENLK/C was the transaction of the week with GIP buying out DVN’s stake; credit worried about losing the S&P notching (negative watch announced the day after) and whether a roll up would be enough to save IG, while equity investors were more focused on GIPs plans going forward, does GIP sell Medallion assets to K before collapsing the structure to increase the value of the IDRs? A few questions P and ENBL as a read through, but the situation is different given control differences. We are sensing a sentiment shift continuing on KMI post the TMX sale, with top questions around can the backlog continue to grow (another Permian natgas pipe?) and what does KMI do with the cash, M&A?. With the recent rally there is some angst around the return of equity issuances; however, with capex, despite all the upward revisions, remaining far below bined with higher coverage ratios and the use of prefs its helping alleviate some of those concerns. BPL didn’t get unitholder approval on the pref this past week, some wondering if that was a positive (no security in front of equity outside of debt) or negative (doesn’t add a tool to the tool chest). Basis basis basis, is the constant discussion from every angle, on natgas will processors have growth limited in the Permian 1H19 until es online? Can KMI move more natgas onto CIG & NGPL? What happens to the Bakken if Cushing fills up? Are the refiners the only winners or does midstream win also? Can KMI speed up in-service of GCX? Will