Pfleiderer Q425 financials track our model well, and the proceeds from the new Silekol borrowings and SVP injection are
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Operational results were below our expectations, but we do not expect anything more than very slight softness in the SSNs and the
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Fundamentally, Lowell’s Q425 is of course, not far off projections this morning. This business doesn’t move erratically. The Wolf IV deconsolidation is
Read MoreKKR is working with bankers to explore a potential sale of Flora Food Group, the spreads business it acquired from Unilever, with the
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The refinance of the RCF and UKEF facilities will layer the SUNs. The US subsidiaries (25% EBITDA) have been made unrestricted and then
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We will have to drop our revenue projections for the year and also trim EBITDA in the near term. The turnaround is taking longer, and the
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Disappointing operating results should translate into prices, but the exit facility is unlikely to move on the first print. Compared to our projections,
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The FY25 report should not move the bonds. Revenue came in on target, but IFRS 16 EBITDA was better by €4m. Another €6m of incremental €6m of
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Heimstaden Bostad continued to deliver resilient operational numbers in Q1 2026, with high occupancy, record-high
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For the bonds, this quarterly result is a non event. Q126 appeared to perform below our expectations (we model semiannually), particularly in
Read MoreWe understand that the hired PJT, which explains some of the movement earlier this month. We don’t think the shareholders can materially threaten the
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The company reports a rise in orders and beat our expectations for the year-end, both on revenue and EBITDA. However, the latter was partially
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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
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Operationally, the results were slightly below expectations. The bonds will be softer, but any drop will be reduced by the affirmation of
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Isabel Marant has extended its debt maturity to September 2030 following a €20m shareholder contribution, removing any short-term risk. However,
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Tullow Oil has completed its debt extension, pushing bond maturities to November 2028. With bonds trading in the high-90s, investors must
Read MoreA clear sign of the strength of the High Yield market: Clariane is refinancing its £200m perpetual bonds by tapping its recently issued
Read MoreFun comment from Mr. O’Leary in the press this morning: "“If oil stays at these levels, two or three European airlines in October or
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