JLR is using $500m of their £4bn cash balances to tender for its 2026, 2028 and 2029 bonds, with priority for their shorter-dated bonds. JLR has always
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JLR reported another quarter of impressive headline sales numbers, with wholesale sales of c.97k, up 29% versus Q2 last year, and 4% against
Read MoreThe additional liability from the default of Valerum is small, SEK280m (€25m), so the liquidity needle does not move. Valerum has defaulted
Read MoreAnything that helps Morrisons boost revenue and gross profit (albeit at a lower gross margin) is welcome. Morrisons produces 40% of its
Read MoreHeimstaden AB have just announced the sale of their Icelandic assets (and related borrowings) to Fredensborg AS (its controlling shareholder) with proceeds coming in two parts - an Initial SEK1.5bn plus a subsequent deferred payment of c.
Read MoreAdler anticipate bringing the new bond on October 9th. Meanwhile, the company discloses that it’s in advanced talks with a group of auditors to audit several
Read MoreWe have had doubts about the potential pub sale, so we are not surprised that the transaction is evolving. Stonegate is seeking £1bn in proceeds. Originally,
Read MoreThames Water have been publishing their PR24 / AMP8 business plan. We have yet to read it. However, the shortfall figure of £2.5bn that the
Read MoreThe senior creditors of the Fürst project have committed themselves to inject the fresh cash needed to finish the development. As a result, Aggregate should
Read MoreHeimstaden Bostad Deputy CEO gave an interview yesterday outlining a slight change to their privatisation (asset sales) program, with SEK 10bn of asset sales in
Read MoreAs per its latest plans, TW envisage spending a total of £18.7bn during AMP8, up from £11.3bn in the plan for the current period. The additional expenditure and the
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Press reports that a group of senior secured bondholders are working with Cleary Gottlieb to attempt to stop the Company from doing further buybacks of
Read MoreMoving the Russian business outside the Restricted group will allow for a cleaner sale/IPO process. The timing of the announcement points to imminent
Read MoreGiven we expect Geely will eventually buy Aston Martin, the increase in the Yew Tree stake was likely already discussed. It may have been an error
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Please find our updated analysis on Standard Profil here.
We didn’t update our model post-Q2 numbers as the actual numbers were in line with our model. There is a summary below but we are more focused on the upcoming quarters and fast-forwarding to FY25 when refinancing will be required. The business
Read MoreThe 21% PIKs are placed and will go to pay down the convertible and the Schuldscheine. The new bond has only a 2025 maturity - in line with
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