Sky News are reporting that Lowell has hired Teneo to forecast its financials - not the sort of thing one hires Teneo for, only months after the restructuring. Fundamentally,
A lonely call this morning, as bonds are locked up and the RCF lenders have all agreed. Still, we have had difficulty modelling the significant uptick in collections that
50% sign-up to the restructuring plan is still a long way off. Initial levels at Intrum have been similar, but Intrum got a big boost when the 2024s rolled
Being a slow-moving underlying business, quarterly figures did not deviate far from projections, which themselves were closely guided already. The call did
Having done endless work on the name in 2020, we find the situation relatively clear-cut now. Back then, selling CDS to fill the gap was a natural strategy. Now the ends are
Have we had an epiphany, or are we going mad? For the first time, we’ve been culled from the Q&A - a signal that management are more nervous about the refinancing
Iquera hired advisors yesterday - the bonds tanked some 30 points. We don’t know the company all that well yet, but it's been engaged in ABS transactions in
Please find our unchanged analysis of Lowell here.
As is easily the case in a trade that isn’t based on solid fundamentals, but rather on the market itself, the fundamentals play out, but by that time the
