Antolin - Thoughts on covenants and what if...? - Positioning

We have finally decided to take a position in one of the bonds, following our initiation last year. Our understanding of the company is primarily based on a bottom-up analysis of its product suite, its clients and its peers, and we have built a model, updated divestitures - and played with recap tables last year and in January already. So what has provided the impetus was really a more technical review of its covenants, the game theory, the consequences for various constituents and the timing of it all.