The SEK2.8bn (€250m) from the Sale of JM AB shares is a confidence-building exercise between SBB and its lenders. If SBB wants its banks to provide
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Is the blind buying the lame when Intrum are buying Haya? The Spanish RE focused servicing platform has been struggling with its outlook following the
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Our forecast for H123 may be too conservative. Q1 numbers released yesterday showed a very strong expansion of both ASK offered and
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DIC's challenges have not changed in the quarter. There is no clear route to improving the balance sheet to refinance the VIB bridge, which threatens the
Read MoreThe remaining €247.2m 3.5% 24 SSNs will be repaid by Nidda on 22 May 23 using the €250m TL G announced a week ago. Our model had an interest cost of
Read MoreTempus Sealy have agreed to acquire all outstanding shares in Mattress Firm at a valuation of $4bn, almost precisely the value in our model (sheer luck). The consideration will
Read MoreAdler Real Estate is tendering for all of its €300m 2024 notes at 94c€ + 20bps in cash for early birds. For good measure, it's coercive in that it's tied to a
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Last week’s results did not move the needle for the company. Results were not bad at all - even slightly better than we had anticipated but far from
Read MoreTomorrow is voting record date, kicking off a two-week voting period for the plan. Simultaneously, the company (Stichting Steinhoff Recovery Foundation) will
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S&P’s downgrade of SBB to BB reflects concerns over sufficient liquidity to meet upcoming maturities. Our analysis assumed that the €750m of
Read MoreCompany management is under pressure to engage with investors on bond refinancing. Atalian has a timing dilemma. The company expects YE leverage to fall to 5.4x (6.4x in our model). However, the leverage drop depends on a
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All,
Please find our updated analysis on Punch Taverns here.
We remain bystanders, preferring to watch the very slow-motion game instead of taking part. Ahead of results on Friday, we have updated our analysis of the Fortress owned group. Q123, having shown encouraging sales trends, was the first to reflect the new energy contract. With the group performing broadly in line with our projections, Fortress’ three-year task is becoming clearer and more pressing as the group looks unlikely to grow into its capital structure by passing on inflation alone.
Read MorePlease find our updated analysis here.
The restructuring has been a success, both financially and operationally. The 24s have tightened into the high 90s and our thesis has run its course. Still, for those interested in holding short term paper with a little upside and possibly a half-decent yield, these bonds still trade very wide compared to the debt of the government that guarantees it and that has just committed to injecting enough cash to take those bonds out if need be.
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Please find our unchanged analysis here.
We have disliked the governance structure at Accentro from before the bond rescheduling, which has changed little in terms of the opaque nature of the business. Accentro needs to communicate its investment rationales to its debt and equity investors.
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Air France-KLM today reiterated they are interested in joining the M&A process for TAP - if the format is right. The French/Dutch carrier, however,
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