The Very Group - comment

JD.com is reportedly among the potential bidders for The Very Group, with Carlyle having taken control from the Barclay brothers through a financial restructuring completed earlier this year and now preparing to launch a sale process for the business.

The existing high yield bond is reportedly funded exclusively by Arini, which refinanced the capital structure last August. Given the lack of liquidity and limited secondary trading, we are ceasing coverage of the name. Please contact the desk if you would like us to continue coverage.