ION Platform - comment

We view today's FT article as more noise than news. It reinforces the existing short thesis around leverage and structural complexity but does little to change the near-term credit story.
We do not expect a meaningful reaction in ION Platform's bonds. The article revisits well-known concerns around the group's financing structure and leverage rather than revealing any new credit developments. Against this, ION Platform retains substantial liquidity with significant cash, an undrawn RCF and management continuing to repurchase bonds in the secondary market.

https://www.ft.com/content/cef4e506-00c1-4892-bedd-9bf1489a7014?syn-25a6b1a6=1