Press reports this morning state that Stonegate has hired Alix Partners to trim its management ranks. Numbers circulate of 150
Read MoreThe new €595m 2031 SSNs will increase ASDA’s interest bill by around £40m, a manageable amount. The refinance of the 2026 SSNs pushes the
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Please find our updated analysis of Amara here
Picking companies in growth sectors, even when temporarily not growing, has the advantage that unforeseen circumstances rarely constitute default risk. If value is lost on the way somewhere, the business will eventually recover it. Add to that: 1) strong market share, 2) scalable cost structure, 3) cost focused management, 4) good liquidity and 5)
Read MoreOcado drawing the LC line cannot have surprised the Bank of Nova Scotia, given the cost of external bond debt. High-yield issuance
Read MoreThe purchase of OCI’s 50% stake in Natgasoline will be completed on 27th June. We expect no change in ownership before 2026 bu
Read MoreMoving to a General Standard will significantly reduce the disclosure requirements for Accentro. The company will continue to report
Read MoreManagement has said it needs to issue Hybrids as it doesn’t have public equity as a currency. The Exchange Offer is attractive,
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First thoughts this morning are that we are paying a lot for an equity layer that is structured as a mere option. Liquidity seems adequate, the
Read MoreMoody’s downgraded Altice International's senior secured debt to Caa2 from Caa1, and its unsecured debt to Ca from Caa3. Given where the
Read MoreFitch has maintained Emeria’s bond ratings at B and CCC for the senior secured and senior unsecured, respectively, but revised
Read MoreMargin preservation has pushed Morrisons to source non-British beef. Price pressure in the UK is going to continue to rise, and
Read MoreA new competitor for Ocado, with a former Ocado executive as CEO. Veloq launched in 2014 and claims to deliver 1.3m orders a
Read MoreIf BT acquires TalkTalk it would solidify its leading position in the consumer broadband market. VMED will still be interested in acquiring the
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The creditors have filed an alternative, minimalist plan that requires no price rises, but also no fines and less CapEx for the coming five years. Not having
Read MoreThe Credit Derivatives Determinations Committee has ruled that the French telecommunications group’s debt restructuring constitutes
Read MoreHeimstaden are issuing a 4-year SEK-denominated bond, hosting a call tomorrow. With the proceeds, Heimstaden Bostad will
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