Antolin - comment

Liquidity is stronger than modelled following the Indian sale closed in January. Cash stands at €314m, although credit lines remain largely

Wolfgang Felix7 May 2026ANTOLIN

Intrum - comment

Bonds to move to par, but not far above. Intrum announced a 2-tier rights issue this morning with a combined SEK 7.5bn Guaranteed Raise. Maturities from

Wolfgang Felix7 May 2026INTRUM

Tele Columbus - comment

The SSNs will be marked lower after news from Debt Wire that a majority of creditors in the Bank debt and the SSNs have signed a

Aengus McMahon6 May 2026TELE COLUMBUS

Viridien - comment

Q1 was a lot weaker than expected operationally, and the bonds will be marked lower today. However, quarterly operating cash flow was

Aengus McMahon6 May 2026VIRIDIEN

Synthomer plc - Trigger - Model update - Positioning

Please find our updated analysis here.

Despite the banks being given security ahead of the SUNs, relief at the loan extension to February 2029 and covenant relief has pushed the bonds to the mid-70s, so we are taking our short off. The speed and extent of

Aengus McMahon5 May 2026SYNTHOMER

Ineos Group - comment

INEOS Finance Plc is marketing a €400m senior secured 5.5-year note, with proceeds to refinance the 2027 term loan and partially

Tomás Mannion5 May 2026INEOS

Pasubio - comment

Pasubio has released its FY25 Annual Report ahead of its 1:00 pm conference call today. FY25 revenue of €323.5m (-1.7% YoY) came in

Tomás Mannion5 May 2026PASUBIO

ION Platform - Progress on the IR front - Model Update

Please find our updated model and analysis post ION Platform's Q1 2026 results, here.

The ION Platform remains one of the most frequently discussed names among our clients, particularly in the context of AI and its associated risks. While AI is

Tomás Mannion1 May 2026ION PLATFORM

Pfleiderer - comment

Pfleiderer Q425 financials track our model well, and the proceeds from the new Silekol borrowings and SVP injection are

Wolfgang Felix1 May 2026PFLEIDERER

Virgin Media 02 - comment

Operational results were below our expectations, but we do not expect anything more than very slight softness in the SSNs and the

Aengus McMahon1 May 2026VMEDO2

Lowell - comment

Fundamentally, Lowell’s Q425 is of course, not far off projections this morning. This business doesn’t move erratically. The Wolf IV deconsolidation is

Wolfgang Felix1 May 2026LOWELL

Flora - comment

KKR is working with bankers to explore a potential sale of Flora Food Group, the spreads business it acquired from Unilever, with the

Tomás Mannion30 April 2026FLORA

Synthomer - comment

The refinance of the RCF and UKEF facilities will layer the SUNs. The US subsidiaries (25% EBITDA) have been made unrestricted and then

Aengus McMahon30 April 2026SYNTHOMER

House of HR - comment

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

Wolfgang Felix30 April 2026HOUSE OF HR

Klöckner Pentaplast - comment

Disappointing operating results should translate into prices, but the exit facility is unlikely to move on the first print. Compared to our projections,

Wolfgang Felix30 April 2026KLOCKNER