We have not been fans of ATOS bonds at any time so far. We are still not interested in taking a position, even as we previously indicated that a
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Post the completion of the UK elections, the noise around this situation has become distinctly louder as the company warned today that its
Read MoreAtos continue to make progress with its restructuring proposal, with the Company providing a further update to the market today. Atos has completed the
Read MoreAlthough potentially positive for Altice International, the failed sale of Altice Portugal will be viewed as negative for Altice France. This further reduces the
Read MorePress reports from Portugal indicate the sales process of Altice Portugal has ended, due to price. This is disappointing news for the wider Altice Group and
Read MoreThe Grocer magazine reports that Iceland is seeking to increase the number of Food Warehouse stores, and has appointed Mason Partners LLP to
Read MoreThe jailing of Franck Julien will not impact Atalian badly. Atalian has a CEO in place and needs to focus on operational success over the
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As the proposed Atitlan stake of 36.1% in OHLA would be split between them and Stoneshield (a separate hedge fund), CMVA approval
Read MoreThe recent spats between Ocado and M&S over the retail JV are predominantly about the valuation. M&S has been unhappy with the
Read MoreGrand City Properties raised €500m in a new 4.375% 5.5yr unsecured bond offering. The offering was well received and reportedly
Read MoreAn extension of the network-sharing agreement with Vodafone is a slight positive for bondholders. The extension depends on
Read MoreClariane has completed their rights issue announced last month raising c.€237m. This was fully underwritten so its completion will not impact
Read MoreThe Amodio family wants to roll the dice and raise only €50m, hoping the Canalejas and Service Business sales complete and plug OHLA’s
Read MoreIn a further sign that European property markets is normalising, Grand City Properties are extending their maturity profile with
Read MoreIt’s been coming. Lowell and its bondholders have picked GS+PJT and PWP respectively. As per our previous stance, Lowell is the far
Read MoreThe Amodio family will be squeezed towards raising more capital by their banks, even if the price means more dilution for shareholders and
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At the AGM, Lennart Sten was elected as chair despite the opposition from proxy advisors. The institutions and largest shareholders are painfully
Read MoreThe tender offer purchases favoured hybrids (75% of the nominal acquired) over SUNs as we expected. However, we were a little surprised at the level of
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