Morrisons is working on identifying a successor to current CEO David Potts, despite not expecting him to leave until at least 2024. The departure of
Read MoreThe company has published the results of its complex restructuring negotiations and we are a little bit surprised that the family has not managed to or chosen to remain in control
Read MorePlease find our unchanged analysis here.
The sale of the bakery business reinforces our bias towards taking a long position in the Boparan SSNs. Our current exposure, through selling 1-year protection matures this month. We are not in a rush to commit before the Q1 results, but assuming there are no
Read MoreThe rationale for the ratings move at Morrisons does not impact our view on the credit. Fitch has moved the default rating from BB- to B+, with the agency
Read MoreSome slightly worrying stats appearing in the recent monthly report from INTU SGS, which shows Q4 rent collection (82%) showing a deterioration versus Q3 rent collection (86%) at a
Read MoreMoody’s have downgraded Tullow Oil’s bond ratings, mainly on the back of the downgrade of Ghana’s long term issuer rating from Caa2 to Ca. This was expected due to 70%+ of
Read MoreThe quarterly calls have become shorter and sweeter. The equity cash in, the Inc. is refinanced, the EM business is running, new contracts are coming and even Argentina and
Read MoreThe delay in completing the sale of the business to CD&R concerns us and indicates that CD&R is blanching at the price. The situation is binary: 1) The Julian family successfully negotiates to get the deal back on track, and the bonds return to par or 2) the deal fails and
Read MoreStandard Profil’s Q3 numbers highlight the continued issues with OEM production in Europe and the impact of raw material prices. Standard Profil has benefitted from ramp-ups in electric vehicle production, and,
Read MoreMoody’s decision to change Boparan’s Caa1 rating to Positive opens the possibility of the company being CDO eligible again in the medium term, useful for when the
Read MoreUnited has acquired the mobile towers (148) and fibre network of Bulsatcom (3rd largest fixed telecom services provider in Bulgaria). The acquisition will add heft to the
Read MoreAltice International are holding a conference call at 3 pm (UK time) today to discuss the Amend and Extend of its existing Term Loans. The existing loans mature in
Read MoreOn today’s call Amigo management said that they would not initially be taking out bank debt to support the launch of the new lender. The impact here is that
Read MoreManagement comments on the 22Q3 results showed the emerging strains for container rates. There is no reason for panic yet, but 2023 will be a tough year for the industry. In Q3, despite a sequential rise in volumes, shipping revenue fell nearly 2% as
Read MoreAfter the call, the Intrum write-down explanation still makes no sense to us. The discount at which Carval have sold their stake in the Italian SPV amounts to 90% on the underlying assets from their 2018 valuation (which will have been high in the first place). We understand that
Read MoreAfter looking into the various tranches of debt available we have taken a position in Morrisons and expect to earn a mid-double digit YTM on solid credit fundamentals while earning a
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