Atos - comment

The lower revenue outlook increases pressure on credit metrics, as weaker topline performance constrains deleveraging and heightens reliance on

Tomás Mannion21 April 2026ATOS

Aston Martin - comment

A legal dispute with one of its main shareholders will result in the bonds being marked marginally lower, but we do not expect a

Aengus McMahon21 April 2026ASTON MARTIN

VMED02 - Divergence

Please see our updated analysis here.

VM02 has seen stabilisation and a little growth return to its Mobile and Fixed segments. Both are mature in terms of market penetration, but

Aengus McMahon17 April 2026VMEDO2

Cerba - comment

Cerba HealthCare announced its intention to open two mandat ad hoc procedures at both the operating company and top holding

Tomás Mannion17 April 2026CERBA

Altice France - comment

Altice France has granted an exclusivity period to Orange, Iliad and Bouygues Telecom in connection with their joint proposal to

Tomás Mannion17 April 2026ALTICE SFR

Pasubio - comment

Pasubio has acquired Luilor SpA, but with no financial details disclosed. This should be broadly positive as the Company continues to build on

Tomás Mannion17 April 2026PASUBIO

Cerba - comment

Cerba investors remain at the starting line for an inevitable restructuring as the Company publishes Q4 and FY25 results that ignore the

Tomás Mannion16 April 2026CERBA

Air Baltic - comment

As per our initiation |M, subsequent commentary and Tuesday’s call, support for the Riga-based carrier is going to be a political lightning rod ahead of

Wolfgang Felix16 April 2026AIR BALTIC

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