Worldline - Of Overdrafts and Pies - Model Update - Positioning

This name is not like other HY issuers, and we have taken a position to reflect that ahead of its Q325 reporting and the CMD in November. Having built a deeper understanding of one of its divisions' structure, we find its risk/return profile very much skewed in the short term. Unrelated to that, we have spent more time on this acquirer’s cash balance, holdco overdraft, and interest income.