The warning from Ranjit Boparan about rising costs in the Poultry business resulting from the recent budget will depress bond prices. The increase in
Read MoreThe downgrade to Caa2 (Negative) at Moody’s reflects the looming debt restructuring at Ardagh Group. The agency acknowledges the
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Iceland released its Q2 results, which were slightly below expectations, driven by slightly lower prices, increased marketing and timing of
Read MoreThe €269m (2029 maturity) Apollo loan adds more senior debt ahead of the SUNs. The new loan repaid ABL drawings, but the ABL is still available. In the event of
Read MoreThe loss of a senior executive to Morrisons before he even started work at ASDA is not a good look. However, the relative stability of Morrisons is
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The Class B proposal was submitted to the company last week after finally obtaining commitments from funds within the group. The key difference from the
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Another disappointing quarter for topline, with food revenues -4.8% (-3.0% YTD). The issues in Q2 have not been resolved yet and we expect some further
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The Dutch plant-based food group released strong Q3 2024 results yesterday. The highlight of the quarter was positive volume growth for two of the
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Grifols released strong Q3 numbers ahead of our market expectations, driven by stronger Biopharma revenue. The business continues to
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Management has affirmed its full-year guidance, which is a positive for the bonds. Our thesis is unchanged, and we still expect an amend and extend
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AMS Osram released its Q3 results in line with previous guidance. Quick observations include weaker guidance for Q4 2024 and Q1 2025, with the
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Selecta yesterday reported dreadful results. The thesis that the Olympics and football would drive revenues as the Germany Worldcup did back in 2006 did not play out in an
Read MoreWhile on TW groups are emerging and positioning themselves with or without proposals, Southern Water are only one notch above junk now at
Read MoreSources close to Brookfield have indicated they are still pursuing the take-over of Grifols. This is in response to newspaper reports earlier this week that
Read MoreAccentro was never going to be able to make the €65m bond redemption in December, hence the restructuring. This proposal will
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