Aston Martin - comment

Despite this week's sell-off, we expect Aston Martin's bonds to remain under pressure as investors focus on whether management can deliver the promised improvement in free cash flow or whether a broader restructuring becomes inevitable.

Bondholders representing more than 50% of the outstanding notes have signed a one-year cooperation agreement, advised by Akin, with the agreement remaining open for other holders to join. The move reflects growing concerns over the company's liquidity and unsustainable capital structure. The group has also indicated it is prepared to provide new money should existing shareholders choose not to, materially strengthening creditors' position ahead of any refinancing or liability management exercise.