The Q425 call was a non-event. Like its bonds, the company continues to do well in this environment. Anyone who likes 7.5% yield needn’t
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There was no results announcement from Ardagh Group (Aengus) yesterday, likely due to the ongoing consent solicitation process. Meanwhile, AMP
Read MoreThe increase in Adler’s ownership is part of the Restructuring plan, so it was expected. Adler will not be able to outvote the
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Orange published its third-quarter results this morning. While there were limited remarks regarding its joint venture bid for Altice SFR, management clarified that
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Supermarkets are looking for ways to boost gross margins, and a more aggressive approach to lagging outlets
Read MoreOHLA has requested that Moody’s cease covering it, leaving Fitch as the sole agency providing ratings on the company. The direct impact on
Read MoreThe tensions between the US and Venezuela are hurting Consolidated Energy (CONSEN) bonds. We think the concerns are overdone. Delays in
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We are due to update our Eutelsat and SES models, but yesterday’s Eutelsat Q126 results were largely on target. Within that, however, we are seeing
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Q3 revenues were on target. Management had a useful slide explaining the structure of the overdraft cash pooling / upstream loan - largely in line with
Read MoreThe company is playing for time. Following the publication of a Spanish press article in the summer, conversation surrounding Antolin seems to
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LTM EBITDA of £70m is now significantly ahead of our projections of £60m at the start of the year. Once adjusting for the 14th week, Q225 itself
Read MoreDB/Carronade are holdouts in the Ardagh restructuring with 13% of the PIKs. They have nuisance value as they can prevent Ardagh reaching
Read MoreOriginally due for today, Thames Water has agreed to defer its appeal to the CMA regarding Ofwat’s determined pricing and
Read MoreThe downgrade to CCC+ will restrict some investors; however, the overall impact is small. Management has already highlighted that some
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Atos released very weak revenue figures. However, as the Company does not disclose EBITDA figures, we are unable to verify
Read MoreThe 2028 bondholders have rejected the exchange offer from Victoria Plc, choosing not to accept the distressed offer to uptier the balance. Admittedly, we had
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Having store staff walking about the store filling baskets is the least efficient solution, particularly when it is their second job. In-store picking
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