Pfleiderer - comment

Following our IM on Pfleiderer, we’ve been asked about the €50m priming basket that was agreed in June 2024. SVP or another party could probably use that to

Wolfgang Felix11 September 2025PFLEIDERER

Morrisons - comment

Given the competitive UK environment, Morrisons' loss of its marketing director after two months reflects poorly on the company. CEO Rami Baitiéh will need to

Aengus McMahon11 September 2025MORRISONS

Antolin - comment

We were discussing with some of you that the bonds would drop a little this morning - mostly because there is a continued search for underperforming automotive suppliers on the back of weak volumes in Q2 - in turn driven by steep tariffs, flat macro growth and

Wolfgang Felix11 September 2025ANTOLIN

Pfleiderer - Surfing the Sponsor

Please find our updated analysis on Pfleiderer here.

Pfleiderer is not the only 2024 deal that did not quite extend its capital structure as far as hoped. Others never got over the line or are already in “constructive" discussions for

Wolfgang Felix10 September 2025PFLEIDERER

Consolidated Energy – Progress, even if slow

Consolidated Energy's (CONSEN) performance is improving, but methanol demand fell in Q2 due to concerns about the Trump tariff and the forward scheduling of a

Aengus McMahon9 September 2025CONSOLIDATED

Biogroup, Cerba, Clariane - comment

One of the sources of the turmoil in French politics is the 2026 Budget and the debt reduction plans used to narrow France’s deficit from its current

Tomás Mannion9 September 2025CERBA, BIOGROUP, CLARIANE

Mobico - comment

Mobico this morning posted deeply disappointing results. As unrelated as these segments are, that sits a little odd ahead of the refinancing discussions the

Wolfgang Felix9 September 2025MOBICO

Kem One - Market Forces - Positioning

Please find our model, post Kem One's Q2 results here.

We are writing to inform you that we are covering our short position in Kem One bonds due to the current unavailability of borrow. This decision is not

Tomás Mannion5 September 2025KEM ONE

Thames Water - comment

We understand that the creditor group, now calling itself London & Valley Water, has resubmitted its amended plan as per indications

Wolfgang Felix5 September 2025THAMES WATER

Victoria Plc - comment

Victoria is holding its AGM today and has therefore released an AGM statement to the market. However, the Company have provided very little

Tomás Mannion5 September 2025VICTORIA

Tullow Oil - comment

Tullow appointed Ian Perks as its new CEO. Mr Perks worked for BG Group and Total, but since January 2021, he has been working as a

Tomás Mannion5 September 2025TULLOW

Rekeep - The Italian drivers.

Please find our updated model post Q2 results here

The Q2 figures were mundane at best, and with no sign of the long-awaited asset sale, some investors have exited, causing a slight weakness in

Tomás Mannion4 September 2025REKEEP

Klöckner Pentaplast - Client questions raised on the call

Please find our answers to your questions raised during Tuesday’s Klöckner Pentaplast call on the website.

Wolfgang Felix4 September 2025KLOCKNER

Thames Water - comment

Progress at last. Following the guiding words of Rachel Reeves and the company reiterating that the only credible bid in town - currently - is that of

Wolfgang Felix3 September 2025THAMES WATER

PizzaExpress - comment

We are slightly disappointed by this morning’s release of revenue and gross margin, coming in with an EBITDA -10% (£-4m) lower than we had

Wolfgang Felix3 September 2025PIZZA EXPRESS

Heimstaden Bostad - comment

Reaffirming our recent observations that the stress experienced in the European real estate market is now firmly behind us, Heimstaden Bostad is issuing a

Tomás Mannion3 September 2025HEIMSTADEN

SBB Norden - comment

The bond tender at Ilija Batljan’s personal vehicle doesn’t impact SBB. If investors are bounced into exiting the Hybrids at 20%, Batljan could look to repeat the

Aengus McMahon3 September 2025SBB

Cerba - Next steps

Please find our updated model post Q2 results here.

Following the Q2 results, we are maintaining our short position in the Cerba Senior Secured Bond, even as our initial view had been to close out, given the lack of

Tomás Mannion2 September 2025CERBA

Adler Pelzer - comment - Positioning

We are buying back our short in the name at par after bleeding away the coupon for too long. The business is surviving the tariff terror in the US, and that

Wolfgang Felix2 September 2025ADLER PELZER

Selecta - comment

The replacement of Nicole Charrière was expected, although we like that she will be staying on to transfer affairs in order. What we very much welcome, however

Wolfgang Felix2 September 2025SELECTA