Management will include weighing up possible further liability management in the upcoming strategic review. Q3 was soft, with
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The Q4 numbers exceeded our expectations, but we expect FYE 2026 to be tougher, as grocery customers seek to shore up their
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The results are broadly in line with our model, with subscribers slightly lower. Operationally, VMED is stabilising, but growth
Read MoreWe are reading this morning that some APG bondholders have stopped lending out their bonds, driving a squeeze of
Read MoreThe cancellation of possible gas deals between Venezuela and Trinidad & Tobago poses no short-term risk to supplies of natural gas to
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The Q3 and updated FY25 numbers are a little above our recent model update. For now, we are not altering our model and still expect new cash will be
Read MoreBy not reopening the consent solicitation with the PIK holders, Ardagh will be heading down the Scheme of Arrangement route. We expect the
Read MoreCalling the remaining £55m of the 3.875% 2026 SUNs is no surprise and will have only a
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Similar to Clariane earlier in the week, Emeis reported only its third-quarter revenue figures, which reflected an improvement in
Read MoreCPI’s cost of debt has risen, like everyone else’s. Despite a 250bp rise of the 2.75% coupon on the SUNs that are being called, the private
Read MoreThe consent solicitation announcement indicates that Ardagh will need to complete its restructuring through a scheme of arrangement (SoA), unless
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Heimstaden Bostad has maintained its positive trajectory, reporting a like-for-like rental growth of 4.5%, which has contributed to a continued
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Although revenue came in slightly below expectations, Transcom delivered a modest outperformance at the EBITDA level, driven primarily by
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Clariane released its Q3 revenue last night, showing further improvement in occupancy rates and therefore revenue. Revenue, on an organic basis, was
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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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