Pfleiderer - comment

Further to Pfleiderer yesterday morning: We have now reflected in our analysis that if the fresh cash requirement is less than €50m, then the company can use its 2024 agreed super sr. basket, and there won't be a need to negotiate with SVP. If so, then the bonds should drift for a while. If, however, the requirement threatens to be greater, then the bonds should gap down towards their recovery value in the 50s.