BioGroup - Just Not Enough - Model Update

Following the Q1 results and the recent amend and extend, we reassessed BioGroup and the implications of its shift to an all-senior capital structure. Our work examined how this change affects downside protection, yield compensation, and trading opportunity, set against uncertainty around upcoming French healthcare pricing negotiations. Despite continued operating improvement, regulatory outcomes now dominate near-term risk and return and frame how we think about the credit from here.