ASDA is succeeding in positioning itself as the cheapest supermarket, but it will take time for the lower prices to translate into
Read MoreBondholders will support the amendment postponing payments due in June 2025 until September. Having supported the
Read MoreThe official consent solicitation is out with a not-so-hot 5bps early bird fee for those consenting before May 12th. However, we note that
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A stronger performance in wholesale has resulted in Isabel Marant posting stronger than expected Q4 and FY24 numbers. The wholesale segment (B2B) continues under
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Kem One held its Q4 and FY24 call yesterday, but it was very much backwards-focused and would only answer questions about FY24 performance. Management reiterated
Read MoreThe A&E of the SUNs, now 2LNs, is done. The new €300m paper will mature in September 2029 and have a 2.5% PIK element added to
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Q125 revenues were better. The company had slightly underperformed our model in 2024, but on the face of it, the drop in revenues appears to be
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Glass operations are not what’s driving bond prices, and the maintained 2025 guidance doesn’t change much for creditors. AMP stock jumped
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Yesterday’s consent request to slightly lift the facilities basket back to its original size of €200m, is modest and will be agreed. The required threshold is
Read MoreASDA is calibrating its Roll Back programme by quietly removing some products and increasing the number of items that are discounted. Rational behaviour will
Read MoreThe company now has support from almost 97% of SUN holders for the A&E, and the transaction is expected to settle tomorrow. The new 2nd Lien notes will receive
Read MoreKem One released its Annual Report this morning and will hold a conference call tomorrow (Thursday) afternoon at 2:30 pm. As part of the cleansing presentation,
Read MoreIlija Batlja looks to have taken the up-tiering of Hybrids at SBB in December as a template. His personal investment vehicle has
Read MoreNothing about increased price competition is good, although all parties are acting rationally for now. The price cuts launched
Read MoreLosing the head of the technology business is a blow, but Tim Steiner will be perfectly capable of stepping in in the short term. However, Steiner will want to
Read MoreThat the appeals would be thrown out was all but certain (see previous notes). But not being lawyers, we find ourselves asking what
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No mention of an Altice SFR-type transaction on the Q4 and FY24 call. Revenue is marginally down for the year, EBITDA 3% lower at €1.6bn. Some of the underperformance in EBITDA is explained by
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