Worldline - comment

Our short on the name was opportunistic - in case the company failed to calm markets over its use of overdrafts, or showed further frailties in its Financial Services division. Management have handled both issues well, but we let the position linger a little bit to see if perhaps there would be further pressure. We are not seeing that pressure, and with a little risk rally into year-end, we are buying back the 27s 3.6 points above where we sold them at 90c/€ to exit.