Air Baltic Client Call and Presentation are now available on the website

Air Baltic Client Call and presentation are now available on Air Baltic page.

Martha Felix15 April 2026AIR BALTIC

Morrisons - comment

Aengus McMahon14 April 2026MORRISONS

SBB Norden - comment

There should be no impact on the cap stack from the purchase of these bonds. SBB already had the liquidity to redeem the

Aengus McMahon14 April 2026SBB

OHLA - comment

The sale has been expected, so any impact on the SSNs should be marginal. After failing to get traction in changing governance

Aengus McMahon14 April 2026OHL, OHLA

Adler - comment

Adler are out with a press release on what seems to be a miniature transaction in Berlin. The company has apparently sold a tired mixed resi and

Wolfgang Felix14 April 2026ADLER

Worldline - comment

Highly dilutive. The company is in advanced discussions with Australian payments provider Cuscal over the sale of its

Wolfgang Felix14 April 2026WORLDLINE

SES/Intelsat - The Margin - Model Update

Please find our updated note on SES here.

This name is now more about spread risk than default, but between its confidence fuelled SPACE refinancing last month and its

Wolfgang Felix14 April 2026SES, INTELSAT

Accentro - comment

The departure of Dr Nedim Cen indicates the initial restructuring is now complete, and the bonds should be marked

Aengus McMahon13 April 2026ACCENTRO

Emeria - comment

Rumour has it that Emeria has chosen PJT to address its balance sheet. We imagine a strategy that will include some level of

Wolfgang Felix13 April 2026EMERIA

Morrisons – Weathering - Positioning

Please find our updated analysis here.

In a tough trading environment, Morrisons has managed to raise YoY EBITDA despite cost-cutting largely being consumed by headwinds from

Aengus McMahon10 April 2026MORRISONS

BioGroup - Changing Risk Reward - Model Update

Please find our updated analysis on BioGroup here.

Following the investor day in January, the reported numbers are not, in isolation, credit-relevant. That said, revenue and EBITDA came in

Tomás Mannion10 April 2026BIOGROUP

Altice France - comment

Press reports point to renewed discussions around a potential sale of XpFibre, with advisers understood to have circulated teasers ahead of a possible

Tomás Mannion9 April 2026ALTICE SFR

BioGroup - comment

Ahead of its FY25 conference call tomorrow at 1:00 pm, BioGroup released its Q4 and FY25 results. The figures came in

Tomás Mannion9 April 2026BIOGROUP

Morrisons/ASDA - comment

The incremental impact of the Morrisons price cuts to creditors is small, but it underlines the low consumer confidence and the

Aengus McMahon8 April 2026MORRISONS, ASDA

Viridien - comment

The upgrade from S&P is a minor positive for creditors, but most of the rationale behind the S&P change is already reflected in the

Aengus McMahon8 April 2026VIRIDIEN

CPI Property Group - comment

A fairly dull call from CPI was welcome after three years of fireworks. Hybrid issuance is going to remain challenging, and the perpetual resetting in

Aengus McMahon7 April 2026CPI

Victoria - comment

Victoria PLC completed a sale and leaseback of its Belgian distribution centre for c.€34m, crystallising an uplift versus the

Tomás Mannion7 April 2026VICTORIA