Pasubio - comment

We got it wrong and are closing out our 3% short position in Pasubio. The various non-deal roadshows did end up producing a deal that's in the market now. We had accepted the risk that the bonds could be taken out via a refinancing, which crystalises ca. 3pts of downside for us. Since Q1, the Company has drawn further on its RCF to fund the Luilor acquisition, which closed post-quarter-end. We remain sceptical on the company's still dominant automotive trajectory and might want to renew the short in the new bond.