The buy-back reduces the external shareholders’ base, but this was small anyway. Credit investors were already looking to the
Read MoreThe decision to idle melamine production in Trinidad and Tobago is a surprise. However, melamine production represents around
Read MoreASDA’s poor Christmas performance was trailed by Management at the Q3 results. The introduction of the new IT system caused
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INEOS Quattro Client Call is now available on Ineos Quattro’s page.
Read MoreMitchells & Butlers' trading update bodes well for Punch and, in particular, Stonegate, which is expected to release its report tomorrow. The
Read MoreWe are glad to have sold last week as the company disclosed the hire of CFO Laurent Carozzi, a change not previously announced to
Read MoreThe bonds have rallied since we established our position; however, we are maintaining the exposure as the underlying investment thesis
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The Intrum Idea Pitch video is now available.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.
The small miss on revenue growth (11.1% vs guidance of 13% - 15%) is a negative, without being terrible. Constant currency growth
Read MoreOur key takeaway from AMS Osram’s statement is the reaffirmation of its asset disposal strategy and, notably, the absence of any
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We are shorting the 2027 Euro bonds at 96.75, going into the strategic review that the company is to unveil at the end of the month. Looking across to
Read MoreThe financial update from Viridien for FY25 is slightly above our projections, with revenue of USD1,150m vs. our forecast of
Read MoreThe 10.75% ‘29s are up by a point to par. This is the month that Apollo's Platinum financing becomes callable, and the robust
Read MoreWith the start of the new year, speculation has once again intensified around potential asset disposals by Patrick Drahi. Recent reports
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SBB needs Sveafastigheter’s equity to continue to rally if it is to reduce its own leverage, and the successful placing of €300m of
Read MoreIf Viridien sells its Sensory equipment business, we estimate a valuation of around $170m - $200m (5.5x – 6.5x LTM EBITDA). We would expect some
Read MoreJust how short the leash is by which creditors are holding the utility is documented with its now 7th consecutive
Read MoreCarlyle assumed control of The Very Group in November, following the insolvency of VGL Holdco, the holding company above the
Read MoreThe cash sweep funded bond repayment (at par) adds 10bps to our P&L. PF the sweep, HSE will have €41m of cash on hand (in with
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