ION Platform - comment

Tomás Mannion29 April 2026ION PLATFORM

Branicks - comment

The cancellation of the results announcement will weigh on the bonds, but doesn’t alter the fair value calculations. The central thesis remains that a

Aengus McMahon29 April 2026BRANICKS

Aston Martin - comment

Operationally, the results were slightly below expectations. The bonds will be softer, but any drop will be reduced by the affirmation of

Aengus McMahon29 April 2026ASTON MARTIN

Isabel Marant - comment

Isabel Marant has extended its debt maturity to September 2030 following a €20m shareholder contribution, removing any short-term risk. However,

Tomás Mannion28 April 2026ISABEL MARANT

Tullow Oil - comment

Tullow Oil has completed its debt extension, pushing bond maturities to November 2028. With bonds trading in the high-90s, investors must

Tomás Mannion28 April 2026TULLOW

Clariane - comment

A clear sign of the strength of the High Yield market: Clariane is refinancing its £200m perpetual bonds by tapping its recently issued

Wolfgang Felix28 April 2026CLARIANE

Air Baltic - comment

Fun comment from Mr. O’Leary in the press this morning: "“If oil stays at these levels, two or three European airlines in October or

Wolfgang Felix28 April 2026AIR BALTIC

SBB Norden - Morphing - Model Update

Please find our updated analysis here.

SBB has morphed from a collection of directly held assets into an investment holding company with three separate managed businesses in

Aengus McMahon27 April 2026SBB

Biogroup - comment

BioGroup has launched an A&E for its capital structure, transitioning to an all-senior structure maturing in 2031. The existing

Tomás Mannion27 April 2026BIOGROUP

Adler Pelzer, Antolin - comment

The Apolo acquisition (agreed) of Forvia’s interiors business is insightful. Forvia (Faurecia) is struggling with its margins, like most

Wolfgang Felix27 April 2026ADLER PELZER, ANTOLIN

Air Baltic - comment

Lessors hiring Gibson Dunn to face Seabury, acting for the debtor, fits the downside narrative of a US CH11 process in

Wolfgang Felix27 April 2026AIR BALTIC

ION Platform - Dividend risk

Please find our unchanged analysis here.

During our credit call on ION Platform on Tuesday, one question that stood out concerned the ability to distribute cash from

Tomás Mannion24 April 2026ION PLATFORM

Modulaire - comment

Operationally, a good quarter with margins better than we expected, leading to a better-than-expected cash flow turn out. However, the

Aengus McMahon24 April 2026MODULAIRE

Ardagh Group - comment

Operational results were broadly in line with company guidance, so the bonds should be slightly higher. Given its liquidity of

Aengus McMahon24 April 2026ARDAGH

Clariane - comment

Clariane's Q1 revenue release should be mildly supportive for the bonds, although the absence of EBITDA or cost disclosures is likely to

Tomás Mannion24 April 2026CLARIANE

INEOS Group - comment

Results ahead of our expectations and a broadly positive tone should support further strength in the bonds, reaffirming recent price gains. However, the

Tomás Mannion24 April 2026INEOS

Intrum - comment

Shares dropped yesterday, apparently on the news at the AGM that the company would not be paying a dividend. While we are still wondering if

Wolfgang Felix23 April 2026INTRUM

Cerba - Still Waiting At The Starting Line - Model Update

Please find our updated analysis on Cerba here.

With a large advisory roster ready to accrue fees, negotiations on the Cerba restructuring are about to begin. The outcome was inevitable and should have

Tomás Mannion22 April 2026CERBA