We had previously assumed these plans were dead and buried. While we are waiting for the reaction from the chancellor's office (opposed), let's recap the
Read MoreFirst, the difference is only £30m more than we had modelled (and we flagged that the settlement may be higher, because in the
Read MoreS&P’s downgrade of Rekeep to B- reinforces pressure on credit metrics after weaker 1H26 results, though the rating report adds little to our existing analysis. We continue to
Read More
Knock knock! Who's there? Canada... Canada who? Ottawa, Canada! So to keep Mr Burnham honest, RBC is rolling in the big guns. Following
Read MoreBloomberg reports that a group of VMO2 creditors, including BlackRock, PIMCO and Sona Asset Management, have retained
Read MoreINEOS Energy Finance has priced $700m of five-year senior notes at par with a 9.125% coupon. Proceeds will refinance the existing
Read More
Please find our updated analysis on AMS Osram here.
AMS Osram has been a very successful investment for us. We first bought the 2025 HY bonds and convertibles in June 2023, before adding the 2029 bonds in May 2024. With the Mar-29 bonds now at 105.5%, we have captured substantial upside and are taking profits as the bonds are call-constrained. We continue to see a strong deleveraging story, but at current prices the remaining upside no longer meets our return targets. This is an exit after a successful investment, not a change in our credit view.
Read MoreThe EU Commission has cleared the sale of VodafoneZiggo’s passive towers to DigitalBridge, TD Greystone and L&G for EUR 669m, with closing still
Read MoreThat the sale of 13 hotels would trigger a mandatory application towards the debt seems far-fetched. The terms for the sale of non-guaranto
Read MoreThe US litigation against Altice International goes well beyond a conventional LME challenge. A group of creditors holding c.$9bn of secured debt, including Arini, Invesco and Rockford Tower CLOs, filed a complaint in New York yesterday (13th October) alleging that Patrick Drahi and the wider Altice group systematically transferred value out of the restricted group through c.$5.4bn of intercompany loans, a disputed $2.4bn MCN-related cancellation and the diversion of proceeds from the $4bn sale of Altice's BT stake. Unlike a conventional LME dispute over creditor ranking, the central question is whether Altice went beyond the flexibility permitted by its financing documents and whether the courts can restore value to the creditor pool.
Read More
Matalan's results were right on target. Despite a tough UK consumer environment, the company is achieving positive LfL sales in
Read MoreUK retail property yields have compressed materially from the distressed levels reached in 2024, reflecting a recovery in investor appetite for
Read MoreSlight gaffe: Hitherto court-appointed turnaround managers Drs. Matthias Danne and Johannes Conradi failed to get their consulting
Read MoreLitigation has commenced in the US against CSC Holdings and 96 other defendants, with lenders alleging that transactions moved
Read MoreHayes reporting -3% LfL will not be helping House of HR bonds, now down 10% in three weeks. The recruitment firm reported net fees
Read More