Graanul - comment

Graanul released its Q2 results this morning, with a conference call scheduled for tomorrow at 1 pm. The initial reaction to the results is that

Tomás Mannion28 August 2025GRAANUL

Kem One - comment

Kem One bondholders held exploratory talks with law firm Paul Hastings earlier this month, exploring options in the event of a second restructuring. Q2 results remove

Tomás Mannion28 August 2025KEM ONE

AroundTown - comment

AroundTown management’s comments reflect further confidence in both the property markets and specifically in the real estate funding market. This renewed

Tomás Mannion27 August 2025AROUNDTOWN

Branicks - comment

The Q2 numbers were broadly in line with our forecast. Regarding disposals, full-year guidance from the Commercial portfolio was maintained at

Aengus McMahon27 August 2025BRANICKS

Victoria Plc - comment

Deal is done, and the proverbial can is kicked down the road. We maintain that this deal only offers a short-term improvement in liquidity and

Tomás Mannion27 August 2025VICTORIA

Heimstaden Bostad - comment

Alecta, the largest investor in Heimstaden Bostad, stated that it wishes to reduce its exposure to Heimstaden Bostad by at

Tomás Mannion27 August 2025HEIMSTADEN

Intrum - comment

Intrum have disclosed that Masih Yazdi, formerly CFO of SBB, will be joining to fulfil the same role for the freshly restructured

Wolfgang Felix27 August 2025INTRUM

Klöckner Pentaplast - Back to the recap table.

Please find a light update on Klöckner Pentaplast here.

Negotiations have hit an impasse as we hear that the so-called Pharma division is still not doing well. We read reports of €80m of overdue payables and

Wolfgang Felix27 August 2025KLOCKNER

Maxeda - Ahead of the A&E

Please find our updated analysis of Maxeda here.

We had expected to see the A&E already agreed by now, but it’s taking longer and for all the right reasons. All stakeholders would likely agree that investment in

Wolfgang Felix26 August 2025MAXEDA

Intrum - comment

94.4 c/€ is the price at which Intrum uses its tenders for notes from the stash provided by the New Money Notes that’s currently

Wolfgang Felix22 August 2025INTRUM

Transcom - comment

Revenue from e-commerce and tech were disappointing as the company reported Consolidated net revenues some €10m below our forecast, impacted by

Tomás Mannion22 August 2025TRANSCOM

Punch - Post refi

Please find our updated analysis of Punch here.

Following its refinancing in Q325, 7% YTW seem adequate for the better of the two UK pub companies. Yes, that is Punch being better than Stonegate as the latter is

Wolfgang Felix21 August 2025PUNCH

Heimstaden Bostad - comment

[Aengus on behalf of Tomás] Operating cash flow was in line with our forecast at SEK2.4bn, but better-than-estimated asset sales meant that net capex was lower than

Tomás Mannion21 August 2025HEIMSTADEN

House of HR - What you are looking for

Please find our initiation of House of HR here.

If you are looking for a safe 8% yield on a senior secured bond in a pro-cyclical business, HoHR is a good place to look. While performance is still falling, and

Wolfgang Felix21 August 2025HOUSE OF HR

Klöckner Pentaplast - comment

In line with our recent decision to sell our position, the packaging name is said to be struggling to convince suppliers to send their goods. Less than

Wolfgang Felix20 August 2025KLOCKNER

SBB Norden - comment

The Q2 earnings were better, but the leverage issues will only be resolved with significant increases in property valuations. At present, valuations are

Aengus McMahon20 August 2025SBB

Stonegate - Some light summer reading.

Please find our updated analysis of Stonegate here.

The 18-Month plan underlying the recapitalisation was presented some 18 months ago, and we’ve had a look for its effects. We’d be cynical to say we didn’t find any, but it has almost entirely been absorbed by demand elasticity and labour cost headwinds, so that

Wolfgang Felix19 August 2025STONEGATE

Thames Water - comment

While we find nothing peculiar about the intensity of the negotiation between the Treasury, creditors and regulators, we concede that we had

Wolfgang Felix18 August 2025THAMES WATER

Altice International - Recapitalisation options

Please find our updated analysis of Altice International here.

We look forward to sharing a more detailed note post the Q2 numbers later this month, but some of you have requested a recapitalisation table, which we share in this analysis. As evidenced by current trading levels, an imminent restructuring may

Tomás Mannion18 August 2025ALTICE, ALTICE INTERNATIONAL, ALTICE SFR

Klöckner Pentaplast - comment

We recently sold our position in the SSNs, whose deal has been elusive since January of this year. The bonds are due in February, less than

Wolfgang Felix15 August 2025KLOCKNER