The extension of the €500m Bridge has come at a price, an additional €200m repayment this month in return for extending the repayment by
Read MoreThe CFC opened for AEON in Japan is the first of 20 ordered by the Japanese retailer with another location being built. We are pleased to see
Read MoreThe criticism of Ocado’s operational performance by M&S is part negotiation, part fair. The performance-related payment to Ocado will be closer to £120m than the £190m expected, so not fatal. There are still issues around linking
Read MoreThe junior and short end of the bond curve is rallying this morning, while the long-dated Class A bonds are sinking. The latter, trading in the low 60s were not
Read MoreMoody’s rating downgrade is mainly notable, as a Caa1 rating will preclude some investors from continuing to hold the SSNs. The need for an equity
Read MoreThe Canalejas dispute will take time to resolve as it is before the Court of Arbitration in Paris. The sale of OHLA’s 50% stake will not happen until
Read MoreAMS shares and bonds have both traded off yesterday and today on the back of press reports from TrendForce, a market research firm, who claim
Read MoreUK property is not yet dead. Volumes in the UK property space have significantly reduced as interest rate rises impact investor confidence. However,
Read MoreTwo very different proposals: One is a big, confident splash, the other a cleverly structured crowd pleaser (crowd not including bondholders…). One suggests
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At first glance, Iceland have beaten our expectations, mainly due to higher top line. The Company are presenting their numbers to the market this morning in person, which we will attend so further details may emerge. We have some queries on Working
Read MoreThe proceeds from the HEBA stake sale do not move the needle for SBB. Without the support of the banks in rolling their senior debt, SBB will not
Read MoreThe suit from Mark Scheinberg against OHLA will further delay any sale of the Canalejas complex. Whether the legal action is just a tactic
Read MoreUnited Group has improved its already dominant position in Bulgarian media. The antitrust approval for the acquisition of TV and
Read MoreDespite the CMA report, better fuel margins will persist for some time. The CMA's open fuel pricing proposal (via apps) requires legislation, which takes
Read MoreFitch’s negative watch notice will not impact the bond pricing materially. Fitch's issues around liquidity and execution risk on the
Read MoreBondholders of course did not have time nor perhaps the inclination to put in a bid for the company last week and so the only two bids for the company are by
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