Isabel Marant - comment

Adding some follow-ups to our call yesterday, we can confirm, IM Group, the Issuer, is the holder of the brand. This was the result of the IM Re

Tomás Mannion5 February 2025ISABEL MARANT

Boparan - comment

The impact of Avian Flu on Boparan is small so far. In Norfolk, four farms have reported cases and a handful of new control zones have been set up; the control zones

Aengus McMahon5 February 2025BOPARAN

Selecta - comment

Ratings at this stage are secondary, but interestingly, and perhaps rightly, S&P do not care about grace period extensions. The SSNs have now been

Wolfgang Felix5 February 2025SELECTA

Graanul - comment

Following Graanul’s trading statement earlier this week, the Company announced investor calls/Roadshow next week. Register for the call https://evercall.co/oacc/53645 on

Tomás Mannion5 February 2025GRAANUL

Morrisons - comment

The company has an equal pay case similar to ASDA. If the workers are successful, we estimate the potential costs of £150m -

Aengus McMahon4 February 2025MORRISONS

ASDA - comment

The lost equal pay case (subject to appeal) is a negative for creditors but is manageable for the company. As ASDA will appeal the judgement, there is no

Aengus McMahon4 February 2025ASDA

Tullow Oil - comment

Rahul Dhir, the CEO, is looking for a quicker exit than we anticipated, as he is resigning from the Board on February 14th. Tullow continues to

Tomás Mannion4 February 2025TULLOW

Flora - comment

Flora has launched a process to reprice its $ Term Loan which currently pays S + 425bps. As part of the transaction, Flora has released some

Tomás Mannion4 February 2025FLORA, UPFIELD

Ardagh Group – Taking stock - Positioning

Please find our unchanged analysis here.

We think Ardagh Group's (ARGID) restructuring is coming soon. Our positions in ARGID and Ardagh Metal Packaging have done well, and we want to take some

Aengus McMahon3 February 2025ARDAGH

Thames Water - comment

This is the crucial week, with the sanction hearing scheduled for today through Wednesday. We are highly confident the A-Plan will sail through, as

Wolfgang Felix3 February 2025THAMES WATER

Graanul - comment

Graanul released a decent trading statement for FY24 but the focus will remain on its ability to refinance its 2026 bond maturities. Leverage remains at

Tomás Mannion3 February 2025GRAANUL

Tullow Oil | Live Discussion videos available on the website

The Tullow Oil | Live Discussion is now available on the website as edited videos for your convenience. You can watch it here.

Martha Felix31 January 2025TULLOW

OHLA - comment

If OHLA has secured the full €80m sought in its Rights Issue, this will increase the bond redemptions from €91m to €140m. We have been

Aengus McMahon30 January 2025OHLA, OHL

Consolidated Energy - comment

OCI wants to include its 50% stake in Natgasoline in the disposal of its methanol assets to Methanex. OCI has just received a ruling in its favour in the

Aengus McMahon30 January 2025CONSOLIDATED

Tullow Oil - comment

Our projections for net debt was $1.5bn, $100m higher than Tullow’s own guidance in November. Now, Tullow is guiding $1.45bn, splitting the difference, with

Tomás Mannion30 January 2025TULLOW

Intrum - comment

Two developments stand out this morning: Deleveraging (on a Cash EBITDA basis, but never mind) will take longer - more in line with our projections and

Wolfgang Felix30 January 2025INTRUM