Please find our unchanged analysis here.

Branicks is setting the scene for the upcoming Amend and Extend operation by repaying its VIB loan with an asset swap, which increases the security

Aengus McMahon10 July 2025BRANICKS, DIC ASSET

AroundTown/Grand City Properties - A New Perspective

Please find our updated analysis on AroundTown here and its subsidiary, Grand City Properties, here.

As part of our process of re-examining the Heimstaden capital structure, we have also updated our analysis of Grand City Properties and AroundTown.

Tomás Mannion10 July 2025AROUNDTOWN, GRAND CITY

Amara NZero, Emeria, Kem One and Rekeep Idea Pitch Videos Now Available

The new Idea Pitch videos are now available: Amara NZero, Emeria, Kem One and Rekeep.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.

Wolfgang Felix10 July 2025AMARA, EMERIA, KEM ONE, REKEEP

Standard Profil - comment

Standard Profil have announced the launch of a lock-up agreement with an ad hoc group of bondholders, accounting for 65% of the

Tomás Mannion10 July 2025STANDARD PROFIL

Thames Water - comment

Parties are still positioning themselves. The treasury insists that the utility pay its fines and fails to provide assurances beyond

Wolfgang Felix10 July 2025THAMES WATER

Eutelsat - comment

According to Les Echos, London is ready to co-invest into Europe’s only LEO operator. The investment would not rival France’s 30% stake, but

Wolfgang Felix10 July 2025EUTELSAT

Altice (SFR) France - comment

Altice France announces unanimous votes in favour of the draft accelerated safeguard plans. The hearing before the Commercial Court of

Tomás Mannion9 July 2025ALTICE, ALTICE SFR

Altice (SFR) France - comment

With summer underway, speculation has resumed. This morning’s press article references potential interest from Blackstone in a joint

Tomás Mannion8 July 2025ALTICE, ALTICE SFR

Branicks - comment

Neutral overall for creditors, the VIB loan is repaid, and the security is released. The institutional business will see its value grow when the

Aengus McMahon8 July 2025BRANICKS

Heimstaden - Asset coverage versus cash flow.

Please find our updated analysis on Heimstaden Bostad and Heimstaden AB here.

We re-examined the Heimstaden credit to see if there was any trading opportunity across the structure with upcoming maturities. However, the

Tomás Mannion7 July 2025HEIMSTADEN

Heimstaden AB - comment

Heimstaden AB is issuing a new 5.5-year senior unsecured note, with Deutsche Bank, J.P. Morgan, Nordea Bank, and Swedbank mandated

Tomás Mannion7 July 2025HEIMSTADEN

CPI Property Group - comment

Demonstrating that the CEE markets are open for Real Estate sales is an important plank for CPI. The €55m (gross asset value) retail park

Aengus McMahon7 July 2025CPI

ASDA - comment

ASDA’s price reduction campaign is bound to lead to some coercion to get suppliers to take some of the strain. As we noted in our

Aengus McMahon7 July 2025ASDA

Accentro - comment

Having received creditor consent, we expect the Accentro restructuring to be completed by the end of September. Creditors will assume

Aengus McMahon7 July 2025ACCENTRO

PizzaExpress - The new proposition

Please find our updated analysis of Pizza Express here.

Now that the bonds have been exchanged and the leverage is reduced, at least in gross terms, the situation looks clear enough for a

Wolfgang Felix4 July 2025PIZZA EXPRESS

Tele Columbus – Options

Please see our updated analysis here.

As we feared, Tele Columbus (TC) is struggling to get traction in upgrading its network and signing up customers. We forecast a funding gap

Aengus McMahon4 July 2025TELE COLUMBUS

AMS Osram - comment

AMS Osram extended the RCF by 12 months to September 2027, which was well flagged by the Company. In addition, the Company

Tomás Mannion4 July 2025AMS, OSRAM

Kem One - comment

Moody’s downgraded Kem One further to Caa3, while keeping the outlook negative. The bonds continue the spiral downwards and are

Tomás Mannion4 July 2025KEM ONE

Eutelsat - comment

The capital increase is underway. Yesterday night, the BPI informed that it had ceded its 13.6% share to APE, the corporate holding

Wolfgang Felix4 July 2025EUTELSAT

Modulaire Group - comment

A successful refinancing operation, with the new TLB and SSN both being upsized and priced within the initial price talk. The TLB was

Aengus McMahon3 July 2025MODULAIRE