Accentro - comment

Accentro's deviation from its planned sales trajectory has implications for the 2027 SSNs; the company’s requirement for an additional

Aengus McMahon12 May 2026ACCENTRO

Branicks - comment

The possibility of a partial debt-equity swap by Branicks (as reported in Debtwire) doesn’t change our fair value estimate but will

Aengus McMahon12 May 2026BRANICKS

SES - comment

We were disappointed with today’s results, and we imagine we were not the only ones. If it weren’t for the strong capitalisation now, bonds should

Wolfgang Felix12 May 2026SES, INTELSAT

AMS Osram - comment

AMS Osram has agreed to sell its CMOS Image Sensor business, a strategic divestment that will have no impact on current trading

Tomás Mannion12 May 2026AMS, OSRAM

Antolin Idea Pitch Video Now Available

The Antolin Idea Pitch video is now available.
You can find the video on the Sarria website landing page as well as on Antolin's dedicated page.

Wolfgang Felix11 May 2026ANTOLIN

Pasubio - Many a slip between Actual and Proforma - Model Update - Positioning

Here is our updated model following Pasubio’s Q4 results, here.

To take a long position, investors are required to make a leap of faith, moving from an investment in a traditional automotive supplier to the new Pasubio. While

Tomás Mannion11 May 2026PASUBIO

Antolin - comment - Positioning for 28's↑ 30's↓

We have unwound our Long/Short 30s/28s position for 61.5/63 and will be looking at potentially the inverse strategy going into the business end of

Wolfgang Felix8 May 2026ANTOLIN

Punch - comment

Punch bonds should be neutral today. Q226 results are right on target, if ever so slightly better than modelled. WC was

Wolfgang Felix8 May 2026PUNCH

Pfleiderer - Never mind the 'spilt milk', comrades - Model Update

Please find our updated analysis here.

Ahead of next week’s great reveal (or so we hope), we are keen to get in shape to pick up what could be an interesting opportunity. Pfleiderer is as much

Wolfgang Felix8 May 2026PFLEIDERER

Transcom - comment

Transcom reported improvements in revenue and EBITDA, but the underlying progress remains modest. The Q4 €50m equity injection reduced

Tomás Mannion7 May 2026TRANSCOM

SBB - comment

Operationally, the numbers were in line with our expectations, and we would expect the hybrids to be higher and to outperform the SSNs. SBB values its

Aengus McMahon7 May 2026SBB

AMS Osram - comment

AMS Osram delivered a decent Q1 print, but the more important takeaway was management’s commentary on improving order momentum and

Tomás Mannion7 May 2026AMS, OSRAM

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