The FY 24 results were broadly aligned with our expectations. We expect an A&E for the bonds in H2. Devaluation of property is slowing (-6%) in 2024, but there should be
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Today, we will be hearing challenges to the A-Plan. We expect none of those to really stick. Nonetheless, Thames Water have been duly making
Read MoreRefinancing the USD/EUR notes due 2027 was raised as an option during the FY call. The new SSNs will push the maturities out to 2030. Interest costs will
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Sky News carrying an article on the €30m equity injection suggests the transaction is gathering steam. We still have a notional equity position in the
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The senior appointments made at Morrisons show CEO Rami Baitiéh stamping his authority on the business. Revamping the
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With a new CEO, Atos’s 6th in the last 2 years, the Company were unwilling to offer any guidance, instead reminding that the Company are going to hold a Capital Markets Day on
Read MoreMohari was always in pole position to buy OHLA’s 50% stake in Canalejas. We see recent arbitration claims from Mohari as part of the price
Read MoreWe still maintain that the row between Ocado and M&S is a negotiating point regarding the price that M&S will eventually pay to buy
Read MoreA fall in sales is an unpleasant surprise, but we expect at least part of the 5% drop in February was a strategy of lower prices to stabilise market share over the rest of the year. We expect that
Read MoreMinor news from Heimstaden Bostad this morning, with the Company tendering for two small NOK bonds. Heimstaden Bostad already owned a significant portion of
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A little More revenue, significantly lower EBITDA and more CapEx are not boding well for the Autosupplier as we go into the first round of tariff discussions on Auto imports to
Read MoreWhat are the chances of the deal falling through at this stage? A group of 2029 bondholders are seeking to change some agreement terms, namely, to have only one
Read MoreCancelling store manager bonuses may hurt morale at ASDA, but Allan Leighton needs to respond to the poor performance in H2 2024. Our view on the credit is
Read MoreBoard rows at OHLA are inevitable, given the large egos that have now bought into the company. The board does not need to be friends, but they do need to let the managers
Read MoreBetter lucky than good… This morning Eutelsat shares are up at €3.66, last seen in November in the mother of all short squeezes, while the 29s are up in the
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