Please find our updated analysis of Stonegate here.

The name is nearing its refinancing - the market is asking for it. Admittedly we’ve missed the trade into refinancing on this name, but we actually still feel that

Wolfgang Felix5 April 2024STONEGATE

Upfield - Smoothly sailing to a refinancing.

Please see our updated model on Upfield post the Q4 2023 results here.

Q4 2023 results were broadly in line with our expectations and projections. More importantly, though, the company has been tracking if no

Saahil Dey5 April 2024UPFIELD

Thames Water - the leak is getting bigger

Please find our updated analysis on Thames Water here, which now includes a more detailed legal section.

The new development that emerged last week was the existing shareholder’s reluctance to inject the first £500 million of new equity by the end of March 2024 due to the “uninvestible” nature of the

Saahil Dey5 April 2024THAMES WATER

Ardagh Metal Packaging – Time for a parting - Positioning

Please find our unchanged analysis here.

The Ardagh Metal Packaging (AMP) SUNs fell 3-4 points on the appointment of advisors to the Ardagh Group. AMP headline leverage of 5.5x (FY23) will fall over the

Aengus McMahon3 April 2024ARDAGH

Vivion - Looking again - Positioning

Please find our unchanged analysis here.

Vivion has enough cash and access to liquidity to make the €183m August repayment. With no further bond repayments due until August 2028, Vivion will have the

Aengus McMahon3 April 2024VIVION

Rekeep - Path to Refinancing

Please find our updated analysis here.

Rekeep continues to bobble along, but as time ticks closer to the maturity of their bond in February 2025, the lack of cash deleveraging will hamper its

Tomás Mannion3 April 2024REKEEP

Intu SGS - comment

The Company has provided an update to the recapitalisation program, with confirmation the Lloyds Bank have agreed a new

Tomás Mannion2 April 2024INTU SGS

Thames Water - comment

The press has launched a river of articles on the Utility over the Easter weekend, spreading more confusion than facts. The discussion at the moment is

Wolfgang Felix2 April 2024THAMES WATER

Atos - comment

Atos are holding a call next Monday, 8th April at 17:00 CET for unsecured creditors where they will share confidential information. The following morning, before

Tomás Mannion2 April 2024ATOS

Intrum - comment

Intrum bondholders holding exposures across the curve have hired Latham & Watkins and PJT. Following the company’s latest remarks about a

Wolfgang Felix2 April 2024INTRUM

Aroundtown - Grand City Properties- comment

Both Companies are launching an exchange offer with potential for 15% redemption.

Grand City Properties is launching a tender for 2 of its

Tomás Mannion2 April 2024AROUNDTOWN

Lowell: "Tactical" Retreat - Positioning

Please find our unchanged analysis of Lowell here.

As is easily the case in a trade that isn’t based on solid fundamentals, but rather on the market itself, the fundamentals play out, but by that time the

Wolfgang Felix28 March 2024LOWELL

Altice SFR - How times have changed.

Please find our updated analysis post FY23 results here.

How the world has changed since September. The Company have struck a more aggressive tone suggesting deleveraging from creditor participation in

Tomás Mannion28 March 2024ALTICE SFR, ALTICE

Thames Water - comment

(Wolfgang for Saahil) Following the webinar, we were going to liquidate our small 1% position in the Bs, but have not yet had the chance to

Wolfgang Felix28 March 2024THAMES WATER

VMEDO2 - comment

Placing a €600m SSN inside 6% demonstrates that investors are still

Aengus McMahon27 March 2024VMEDO2

Branicks (DIC Asset) - comment

Extending the maturity of promissory notes and the bridge loan removes the immediate liquidity crunch for Branicks. Branicks now has the

Aengus McMahon27 March 2024BRANICKS, DIC ASSET

Altice SFR - comment

An ad-hoc group of senior bondholders held a call with legal counsel Gibson Dunn last night. The Group is reported to comprise

Tomás Mannion26 March 2024ALTICE SFR

Altice International - comment

The process to sell Altice’s Portuguese business was extended according to press reports. The deadline for binding offers was supposed to be 18th March but

Tomás Mannion26 March 2024ALTICE INTERNATIONAL

Atos - comment

Atos has finally arrived at its destination - Conciliation. With negotiations ending with both Airbus (re: BDS sale) and EPEI/Kretinski (re: Tech Foundations sale), there is

Tomás Mannion26 March 2024ATOS

Boparan - comment

Q2 Revenue was marginally beneath our expectations due to lower feed prices; this depressed EBITDA to £34m vs our£42m forecast. LTM Adjusted EBITDA is

Aengus McMahon26 March 2024BOPARAN