All that waiting, and what did we actually receive. An acknowledgement that previous management weren’t really managing the business. Various examples of lack of regional or national controls, even so far as lack of property register for their holdings. And underinvestment in
Read MorePress coverage continued over the weekend on Orpea with articles in the French press speculating that Caisse des Depots et Consignations (CDC) will take an equity stake in
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Please find the “Initiation" of Punch Pubs here.
At 10-11% YTM, Punch bonds reflect the general yield premium we require from sterling paper, but on first sight appear wide for 70% LTV paper (pre-inflation valuation) that’s secured over a yielding portfolio of Britain’s most popular real estate. The deal
Read MoreUnited Group’s commencement of the sale process for its Towers business is positive for the credit, albeit expected. The price tag of €1bn is above ou
Read MoreCasino confirmed last night that they have bought back a further €67m of the Quatrim 2024 (secured) bonds with the balance of the Senior Secured Segregated Account. Post this
Read MorePlease find our unchanged analysis of Aggregate here.
If a market turns illiquid and assets can’t be monetised, it takes deep connections and high financial structuring expertise to barter with the underlying assets instead. Cevdet Caner has both and that’s Aggregate’s asset. Still, all that glitters is
Read MoreOrpea has responded to the fact two shareholders are seeking to block any potential debt for equity swap as part of the financial restructuring of Orpea’s balance sheet. Orpea states
Read MoreCall is ongoing but quick takeaways include a potential Amend and Extend on their upcoming Term Loan maturities (2025). Operationally, revenue, EBITDA and Operational FCF has continued the previous quarter's growth. More importantly, Altice Internationa
Read MoreWe were a little disappointed by further semiconductor supply issues which impacted production in the quarter. The rest of the results are in line with previous guidance
Read MoreOrpea released their Q3 revenue numbers last night. But with the transformation plan scheduled for next Tuesday and no guidance on EBITDA, there is limited info in
Read MoreThe decision by members of the Yew Tree Consortium to invest a further GBP30m in Aston Martin through recent market purchases will help boost investor sentiment. The equity is
Read MoreA case of déjà vu with the latest Cantor’s UK Grocery data. A record high 14.7% grocery price inflation since 2008, which its diverting sales from
Read MoreHammerson, the listed shopping centre owner, has released an operational and rent collection update for Q3. The quick takeaways are improved rent collection with FY22 adjusted earnings ahead
Read MoreWhen it comes to production data for Tullow in their main Ghanaian operations I feel like a broken record. And this morning, post-Kosmos’ Q3 results
Read MoreMinor news this morning that Casino has bought back #154m of the €190m Jan 2023 bonds that they tendered for. This is in line with expectations, and the
Read MoreThe sale of its QH project in Berlin seemed to be progressing on Friday with rumours that Aggregate are in talks with Australian Super for all of the remaining project. The Berlin-focused
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