Tele Columbus - comment

Tele Columbus (TC) is struggling to get sufficient creditors on board for its debt rescheduling. We are surprised that bondholders are pushing back

Aengus McMahon5 December 2023TELE COLUMBUS

Punch - Tight in more than one way.

Please find our updated model of Punch here.

Punch SSNs are the type of bond that at any time tends to trade just a few points tighter than where we would like. Trading tight in the mid 80s going into the

Wolfgang Felix4 December 2023PUNCH

Intrum - comment

Management confirm that the company is in talks to sell parts of its back-book. We assume Lowell’s past transactions as a blueprint. The transaction should

Wolfgang Felix4 December 2023INTRUM

Aston Martin - comment

The shelving of the Vanquish will not impact the rollout of the new DBS and Vantage models. Just like the decision to buy an electric powertrain rather than

Aengus McMahon4 December 2023ASTON MARTIN

Heimstaden Bostad - comment

Heimstaden are tendering at par their bonds maturing in April and June 2024. In total, it is c. SEK1,200m of bonds. (Note the Company

Tomás Mannion4 December 2023HEIMSTADEN

CGG - Looking over the horizon - Positioning

Please find our refreshed analysis here.

CGG will generate free cash flow in FY23. However, the positive momentum in Oil Field Services in H223 needs to be considered alongside the most recent poor economic data from the US and China. Q3 showed an improvement in the Data business

Aengus McMahon4 December 2023CGG

Rekeep - bobbing along - positioning

Please find our updated model here.

Rekeep bonds have traded down 3pts on the back of their Q3 numbers. Although the Company had guided to weaker revenue (on the back of falling energy costs,

Tomás Mannion1 December 2023REKEEP

Elior – Brighter

Please find our updated analysis here.

Elior surprised us with the pace of margin recovery in H223 and we do not expect that performance to reverse in FY24. The acquisition of

Aengus McMahon1 December 2023ELIOR

Tullow - comment

Tullow is a frustrating name for us as we were unable to convince clients about the merits of a long position in the name over the summer. Tullow announced the

Tomás Mannion1 December 2023TULLOW

Standard Profil - comment

The Company released its Q3 numbers last night, ahead of its investor call next week. Headlines will be favourable, with EBITDA up to

Tomás Mannion30 November 2023STANDARD PROFIL

Signa - comment

We are not covering Signa due to the small size of the development bond relative to the vast and opaque conglomerate that is otherwise entirely

Wolfgang Felix30 November 2023REAL ESTATE

OHLA - comment

The headline about Canalejas is positive, but the devil will be in the details. If Santander finds a buyer willing to pay €800m (€400m for OHLA), that would be A

Aengus McMahon30 November 2023OHLA, OHL

Lowell - comment

The company did not execute another portfolio offloading transaction during Q323 but has signaled that it is in the process of negotiating more

Wolfgang Felix30 November 2023LOWELL

United Group - comment

3Q3 numbers beat our expectations primarily due to better-than-modelled top-line growth in Bulgaria and Greece. Net debt is €4.1bn, giving

Aengus McMahon29 November 2023UNITED

Aroundtown - comment

Still going through the numbers, with the quick takeaways that AroundTown have disposed of c. €175m more assets in the quarter, and boosted liquidity

Tomás Mannion29 November 2023AROUNDTOWN

Vivion – Waiting for the other shoe.

Please find our updated analysis here.

The amend and extend operation in August resolved much of the pressure on Vivion over the 2024 bonds. The company needs to redeem the remaining €183m outstanding in

Aengus McMahon28 November 2023VIVION

Matalan - comment

We have been covering this name for a very long time, long before we added videos to our platform. So to bring the name in line with

Wolfgang Felix28 November 2023MATALAN

Adler - comment

Q3 and the call this morning were somewhat uneventful. The company has appointed a total of three auditors to deliver a patchwork of audits across the group. During Q3, the

Wolfgang Felix28 November 2023ADLER

Selecta - Competing Forces

Please find our updated analysis of Selecta here.

The company is arbitraging a nearly undiminished backlog of €60m one-offs with the improved economics it achieves from its remaining and its new fleet. At the

Wolfgang Felix28 November 2023SELECTA

SBB Norden - comment

Around 75% of the €560m outstanding Feb-24 bonds have accepted a three-point discount to get paid out three months early. Before the Tender, the

Aengus McMahon24 November 2023SBB