Douglas have behaved as expected with sales and EBITDA back to 2019 levels. France a little softer, Germany a little stronger than expected. Total Sales were a touch higher at a
Read MoreThe ad hoc group has agreed to extend the bond by three years on 2% more coupon to pay 5.625%. Also, the 2026s are to be extended by three years
Read MoreThe restructuring of the proposed CD&R transaction places bondholders on a collision course with management. The assets now excluded from the deal currently have
Read MoreMoody’s downgrade of Nidda’s bonds reveals a potential wrinkle to maturity management operations. However, from the issuer's perspective, shifting maturities is about protecting the
Read MoreThe disposal of non-core data fits in with CGG’s strategy for Earth Data and the USD63m of additional liquidity is nice to have. Not a seismic move for the credit, but
Read MoreCreditors and the company have reached an agreement sooner than we had expected, but mostly because it amounts to very little. The Maturity Extension and
Read MorePlease find our updated analysis of Frigoglass here.
Now that the company is finally restructuring, the opportunity is no longer what we believed it to be earlier in the year. Even though the deal that the Ad-Hoc group has achieved is better than we had anticipated - a clean-cut 100% of equity, the situation
Read MoreThe Muddy Waters report this morning is falling on fertile ground and has sent the bonds down almost 20 points. From our perspective, the biggest allegation is that the
Read MoreToday is the deadline to sign up to the fresh money. Meanwhile the hold-out group in the 29s is signalling a holding of well over 30%, which
Read MoreWe are not dismissing this morning’s press release from Tullow re: the signing of an exploration license in Côte d’Ivoire. But it isn’t going to be significant to Tullow’s performance in the next couple of years. Tullow already hold an exploration
Read MoreBoparan’s Q1 FY22/23 results are out this morning; no mention of the bakery division sale, but otherwise broadly in line. UK Poultry performance will see some volatility into Q2. Bird flu is also creating operating challenges. The recovery in poultry
Read MoreNidda’s liability management exercise announced yesterday should significantly reduce its 2024 maturities leaving just €400m of SUNs in 2025 to refinance (if no
Read MoreThe virtual closure of the high-yield market is causing issuers and investors to fret about 1) When will the high-yield market re-open for highly leveraged names, and 2) the coupons
Read MoreSelling real estate assets to invest in margin support isn’t a trick you pull forever, but Morrisons has significant property assets, and the leakage from debt to equity is small, so
Read MoreThe bonds have now moved up, on the one hand, to reflect a cancellation of the bond repo, which is producing a short squeeze and on the other to account for another scenario we have been favouring, where
Read MoreMovements between the bonds. The short-dated ADJs have been showing some signs of profit-taking. Depending on alternative solution, they might be relegated into the p.p. bucket with the other bonds. The mid-section is seeing a bid and the l
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Tullow has confirmed the appointment of the interim CFO. Richard Millar, as CFO and member of the board from January 1st. Although Richard has worked 11 years at Tullow, he is not an industry man, with his background as a
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