Adler announced that it has (again) sold its Kaiserlei development in Offenbach, this time to the Frankfurt Housing Association. Again,
Read MoreIntrum are buying back €75m of SSNs, not in pro rata amounts between them, but instead with a waterfall of priorities at
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Q3 25 results were out on 7 November. Stable valuations and rent increases (6.6% YTD) are positive, but do not alter the fact that
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Better than we thought. Lowell has dropped Nordic assets into a new SPV, financed by a €200m ABS Receivables Facility, which has been
Read MoreThames Water Super Sr. creditors are asked to consent to another £321m draw under its facility - presumably the
Read MoreIt is remarkable what can be achieved with state support. Emeis, formerly Orpea and a peer of Clariane, announced this morning the
Read MoreFor now, M&S is not discussing a purchase, but we still expect M&S to eventually buy Ocado out of their UK joint venture. Taking
Read MoreAs anticipated, Carlyle’s £280 million loan to VGL Midco, a holding company outside The Very Group’s restricted group, was not
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Please find our initiation on Fedrigoni here.
There must have been a period when Italians produced only paper; such is their density of abandoned paper mills. Particularly, the north of the country is littered with forgotten sub-scale sites that went out of business long ago. We may be biased, but we struggle to think of any paper/packaging HY issuer that has never been in trouble. Please let us know if you can think of one.
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Engineering Client Call and Presentation are now available on the website
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On the Q2 2026 call, management commentary was relatively positive, notwithstanding ongoing uncertainty in the UK consumer environment ahead of
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Ahead of publishing its half-year results for the period ending September 2025, Victoria has released a trading statement reaffirming its
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The Q3 Revenue/EBITDA numbers in the Ardagh trading statement are in line with our forecasts; volume growth was -1%. We estimate that
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The company has reiterated its FY guidance of €500m - €600m of asset sales from the commercial portfolio. This would require
Read MoreOh well. We are staying short the Worldine ‘27s today, a position we entered at 86.5c/€ early last month. Clearly, we should have closed out 10 points ago, but
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Q325 revenue lags somewhat behind our expectations, but makes it up in costs. Most segments are on target, but we had expected more from
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Capitalised Assets and R&D Costs of €17,6m added to €45.5m of CapEx = €63m, which does not begin to equate to the
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