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Pasubio Client Call and Presentation are now available on the website
Pasubio Client Call and Presentation are now available on the website

Pasubio Client Call is now available on Pasubio’s page.

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Martha Felix1 October 2025PASUBIO
Thames Water - comment

A commitment not to sell Thames Water before 2030, or the success of its turnaround carries a signal, even if cynically one could argue it

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Wolfgang Felix1 October 2025THAMES WATER
Worldline - comment

Worldline continues its management reshuffle (previously announced in August) with the appointment of Madalena Cascais Tomé as

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Wolfgang Felix1 October 2025WORLDLINE
Victoria Plc - comment

Philippe Hamers, Group CEO of Victoria Plc, has announced his intention to retire in the middle of next year. The timing makes some sense,

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Tomás Mannion1 October 2025VICTORIA
Ardagh Group - comment

We expect the consent solicitations to succeed; even if the PIKs hold out, they will simply force a court process that will result in

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Aengus McMahon30 September 2025ARDAGH
Worldline - Almost there - Initiation
Worldline - Almost there - Initiation

Please find our initiation of Worldline here.

The Wirecard scandal sits deep in everyone’s mind, even if unspoken of in this context; despite negative press and widespread investigations, it is

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Wolfgang Felix29 September 2025WORLDLINE
BioGroup - All eyes on the shareholders - Model Update
BioGroup - All eyes on the shareholders - Model Update

Please find our updated analysis on BioGroup here.

Given the spread widening during the Summer, we have re-visited the investment case for a long trade. The sub bonds are attractive, and given that

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Tomás Mannion29 September 2025BIOGROUP
Client Call Presentations – Now on Our Website
Client Call Presentations – Now on Our Website

As per popular demand, we’ve made the Client Call presentations available as part of our new Client Call layout.

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Martha Felix26 September 2025ATOS, HOUSE OF HR, KLOCKNER, MOBICO, PFLEIDERER
ASDA - comment

More new senior managers for ASDA. Charlotte Rhodes has the CV to head the “own brand” division. Allan Leighton is introducing

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Aengus McMahon26 September 2025ASDA
Mobico - comment

The company has confirmed Deloitte’s formal resignation as auditor of the group, effective 19th of September. We expect that with the deterioration of

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Wolfgang Felix26 September 2025MOBICO
Boparan - Waiting Game - Model Update
Boparan - Waiting Game - Model Update

Please find our updated analysis here.

Boparan has performed better than we anticipated since it completed its refinance in November 2024. We remain concerned that inflation,

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Aengus McMahon25 September 2025BOPARAN
Pasubio - Movement - Positioning
Pasubio - Movement - Positioning

Please find our analysis from earlier this week here. 

The bond movement today has prompted us to re-examine the situation and ultimately cover our short position in

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Tomás Mannion25 September 2025PASUBIO
Isabel Marant - Truth is in the docs
Isabel Marant - Truth is in the docs

Please find our updated analysis on Isabel Marant here. 

Isabel Marant remains a frustrating name for analysts. The bond documentation is extremely porous, and with limited control over the

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Tomás Mannion25 September 2025ISABEL MARANT
Aroundtown - comment

AroundTown has issued a tender document to redeem its 2026 Notes at or close to par and redeem, via a Dutch Auction, some of its

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Tomás Mannion25 September 2025AROUNDTOWN
Birkenstock - comment

The headline is a modest increase in guidance, but we think the €18m acquisition of a facility in Dresden is more important. It underlines the growth

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Aengus McMahon25 September 2025BIRKENSTOCK
Transcom - comment

We are hearing that the largest bondholder is in discussions with Transcom regarding an Amend and Extend to address its

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Tomás Mannion24 September 2025TRANSCOM
Atos - comment

Atos is blowing its own trumpet this morning, having secured a contract with the European Commission’s CLOUD II Dynamic Purchasing

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Tomás Mannion24 September 2025ATOS
BioGroup - comment

BioGroup shareholders have informally appointed Centerview Partners to explore options for an exit. This appears to be at the

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Tomás Mannion24 September 2025BIOGROUP
OHLA - comment

The contract wins in the US are positive, but ensuring the growth is profitable is another question. OHLA has given management at

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Aengus McMahon24 September 2025OHLA, OHL
Accentro - comment

Finally, the StaRUG is approved, and the proposed restructuring can be implemented. This is what should have happened

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Aengus McMahon24 September 2025ACCENTRO
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