Adler/Aggregate - Having the cake and eating it?

Please refer to our unchanged analysis of Adler here.

Like everyone else, we have been surprised by the Caner acquisition of Adler shares. Unlike everyone else, we like it. The market is

Wolfgang Felix10 January 2022ADLER, AGGREGATE

Lowen Play - The only deal in town

Please find our unchanged model here.

Is the Lowen Play deal a good one for bondholders? The truth is it is the only deal possible. It is a self-help deal and bondholders are taking (nearly) all of the economics. Bondholders are

Tomás Mannion6 January 2022LOEWEN

Haya - Comments

Although the Company has not confirmed, it appears that Unicaja bank has terminated Haya’s contract with Liberbank. Press reports state that

Tomás Mannion6 January 2022HAYA

OHLA - Comments

OHLA stock has continued to rise on improved performance and the settlement of one of its long-standing legal claims. The amount paid by

Aengus McMahon6 January 2022OHL, OHLA

Aston Martin - Comments

The departure of the Aston Martin F1 team CEO was no surprise and there is no direct impact on the Aston Martin car company. There is a commonality in

Aengus McMahon6 January 2022ASTON MARTIN

Tullow - Comments

The Petroleum Commission, Ghana, has updated the Gross production figures for Jubilee and TEN fields for October and November. The figures are

Tomás Mannion5 January 2022TULLOW

Steinhoff - Comments

Andy Bond’s departure from Pepco took us a little bit by surprise, but it makes sense in the grander scheme. He is stepping down for health reasons, but

Wolfgang Felix5 January 2022STEINHOFF

TAP - Will it fly?

Please find our updated analysis here.

So we are feeling rather pleased with ourselves, having upgraded our position just ahead of the restructuring announcement. But what now? The bonds

Wolfgang Felix5 January 2022TAP

Amigo – Redemption song.

Please find our unchanged analysis here.

The decision by Amigo to redeem most of its 2024 SSNs on 15 January 22 was something that was always highly likely so it does not change

Aengus McMahon4 January 2022AMIGO

Adler - One down, two to go

Please find our unchanged analysis here.

Of the three transactions under negotiation, the sale of the Northern Portfolio to LEG should have been the easiest. LEG are

Wolfgang Felix4 January 2022ADLER

Codere - restructuring completed - what does the future hold?

Please find our updated analysis here.

Q4 was supposed to be the pivotal moment for Codere: Having completed the restructuring in November and restrictions been lifted in various jurisdictions. However, the

Tomás Mannion24 December 2021CODERE

SGS INTU - Comments

SGS INTU Land Securities, the UK listed property Company announced yesterday the purchase of a further 25% stake in Bluewater shopping centre, which

Tomás Mannion23 December 2021INTU SGS

SGS INTU - Comments

SGS reported its monthly figures and although they were encouraging, the recent wave of Covid/Omicron infections and related restrictions will hamper the

Tomás Mannion22 December 2021INTU SGS

TAP - Santa flies TAP 🎅🏻 ✈️

Please find our unchanged analysis here.

As per extensively repeated thesis and calculations (we’ve had enough time since the EC approval was originally promised) the Portuguese state has finally

Wolfgang Felix22 December 2021TAP

KME - Comments

Intek announced the completion of the 55% sale of KME’s specials business to Paragon. The release commented that the proceeds would

Aengus McMahon21 December 2021KME

CMA CGM - Comments

As it seeks to transform from a shipping company to an integrated logistics business, CMA CGM continues to invest in the

Aengus McMahon21 December 2021CMA CGM

Boparan – Free Money.

Please refer to our updated analysis here.

A few weeks ago, our short was deeper in the money than it was yesterday, but we’ve made good P&L anyhow. So to assess how far we’ve come towards

Aengus McMahon16 December 2021BOPARAN

Steinhoff - That "Africa First" Sequence

Please refer to our updated analysis here.

Why did we even build that Africa vs. Europe toggle? Financially, yesterday’s announcement is a drop in the ocean, but as had been clear all along, the

Wolfgang Felix15 December 2021STEINHOFF

Hurricane - Comments

The company has made a further $28.7m of bonds, leaving c.$80m outstanding. The net free cash, adjusted is likely to be

Tomás Mannion15 December 2021HURRICANE

Steinhoff - Comments

SIHL, South African issuer of the prefs and holding of SIHPL was required to disclose yesterday that it is expecting to

Wolfgang Felix15 December 2021STEINHOFF