Punch - Post Refi

Following the refinancing, we assess the yield on these bonds on an absolute and relative basis. As ever, our analysis is grounded in a deep fundamental review of its operations, compiled in a forward-looking model and brought to a holistic view of the business. Our conclusion is, on the one hand, emblematic of the shadow book we run, but on the other hand, it addresses a new set of investment considerations.

Punch Credit Research, Analysis, Capital Structure
Wolfgang Felix