The FCA’s approval of a limited return to lending was expected given the book-building exercise for Amigo’s equity raise has begun. Amigo’s expectations for originations in
Read MorePlease find our unchanged analysis here.
United Group’s statement yesterday has set the clock ticking on the partial sale of its towers business. Proceeds would be used to part-fund the €1.1bn of 2024/25 maturities. These bonds currently yield 9% - 10%. In our recent analysis of United Group
Read MorePlease find our slightly modified analysis here.
Although participating would be profitable we will not take part in the upcoming equity raise from Amigo. We will hold on to our bonds and without any equity kicker, our expected 12-month return for our bondholding is 14%. We expect the bonds will be
Read MoreAs previously announced, Tullow have delisted from the Irish Stock Exchange. This is not a major issue, as Tullow retains its listing on
Read MorePepco's preliminary sales for Q4 to September revealed strong growth over last year in a seasonally softer quarter. However, the
Read MoreKantar’s data is out this morning, with the overall market showing 4.8% growth. Lidl and Aldi lead the way with 20% increases year on year (driven by
Read MoreIt may be a case of moving the deckchairs around on the Titanic, but Cnova have appointed a new CFO, with immediate effect. Yves Trézières, previously at
Read MoreWe are reviewing our position in light of the Casino's Other Offer Disclosure Request by DF King in relation to the 4.498% 2024 bonds, 3.58% 2025 Bonds, the Secured “Quantrim” 5.875% 2024 bonds and the 3.992% Perpetual Bonds in Casino Group
Read MoreARE’s shareholders have started litigation in Berlin to stop Adler from selling up to 95% of its assets in ARE to a third party. Although we do not believe this to be the strategy, we agree that ARE bondholders are at risk of ultimately holding only a shareholding in
Read MoreS&P have downgraded Casino to CCC+ from B-. The downgrade is driven by weaker market conditions, making asset sales more difficult and a weaker macroeconomic conditions which is likely to drive tougher operating environment for
Read MoreJLR released their quarterly sales numbers and it is virtually the same as previous ones - record order book number and semiconductor shortages constraining actual production/sales numbers. The continued growth in the order book, albeit at a
Read MoreAdler are soliciting bids for a 3,500 apartment portfolio in Berlin. These are yielding assets and could act as bell-weather for Berlin yields in general and, therefore, give
Read MoreA news article yesterday has claimed that Apax are asking Takko’s LC and TLB providers to extend maturity beyond May 2023 and that this would run counter to Silverpoint’s plans, which were not further specified. We have previously written about the
Read MorePlease see our updated model of Frigoglass here.
We had been looking forward to this date, when fresh cash would be injected to help pay for the new Romanian plant and when the ebbing of the ICM season would reduce the company’s heavy dependency on its Russian operation. As it happened however,
Read MorePlease find our initiation on SFR Altice France, here.
A number of you have asked us to examine Altice (Altice International to follow) and its debt stack. There are concerns about refinance risk and the overall interest bill at SFR Altice France. We are comfortable with the near to medium term for bond investors. There are no upcoming maturities until 2025 and although the interest bill could
Read MoreThe sale of its Swiss BNPL start-up Byjuno to rival Cembra Money is not a major event for Intrum, but it’s interesting that the transaction involves the
Read MoreAdler confirmed this morning that LEG have not exercised their option to buy Adler. Clearly, LEG had announced so much already
Read MoreThe most important statement in the Q222 material we have received so far is that the reconstruction of the Romanian facility remains on track for Q123. This timing would
Read More