Altice International - Uncertainty Remains - Model Update - Positioning

Please find our updated analysis on Altice International here.

The next steps at Altice International have taken longer than we expected. In December last year, the company executed an aggressive "drop down" transaction,

Tomás Mannion21 May 2026ALTICE, ALTICE INTERNATIONAL

Tele Columbus - comment

The 2025 FY results are in line with our forecasts, which we believe were lower than market expectations. As a result, the bonds will be a

Aengus McMahon21 May 2026TELE COLUMBUS

Ubisoft - comment

All but the short dated bonds should give up some of their recent gains. Not because the news was so much worse than expected -

Wolfgang Felix21 May 2026UBISOFT

Accentro - comment

Another departure from Accentro may weigh slightly on the bonds, but Jörg Neuß has been at Accentro since 2017 as General Counsel, before

Aengus McMahon21 May 2026ACCENTRO

Aston Martin (Lagonda) - comment

Ahead of our LME discussion on Aston Martin today, we note that Fitch has downgraded the AML SSNs to CCC+ as a result of the

Aengus McMahon20 May 2026ASTON MARTIN

Travelodge - Staying Power - Initiation

Please find our new analysis here.

Travelodge has grown rapidly since COVID in terms of scale and profitability. The industry in the UK is mature, and higher taxes and wages will crimp further growth,

Aengus McMahon19 May 2026TRAVELODGE

Pasubio - comment

We have repeatedly highlighted a high probability of a near-term downgrade at Pasubio, and Moody’s has now obliged,

Tomás Mannion19 May 2026PASUBIO

AMS Osram - comment

Bankers continue to outdo each other with ever-more adjustments and pro-forma metrics for new issuers, and ams OSRAM is no

Tomás Mannion19 May 2026AMS, OSRAM

Aston Martin - comment

Appointing a new Chief Commercial Officer will help bonds today. AML has invested a significant amount of money in well-received new

Aengus McMahon19 May 2026ASTON MARTIN

AMS Osram - comment

The company is launching a new €700m SUN 6NC2 indicated at 8% and has renegotiated its €600m RCF to September 2028 with a

Wolfgang Felix18 May 2026AMS, OSRAM

SBB Norden - comment

The latest card shuffling by SBB is positive news for creditors, but doesn’t change a lot. We are puzzled at the rationale, but it does allow

Wolfgang Felix18 May 2026SBB

Branicks - comment

The appointment of Sodali (reported on Debtwire) is positive for the bonds. Management needs a comprehensive solution and

Aengus McMahon18 May 2026BRANICKS

Morrisons - comment

The agreement with staff is positive for the bonds as it avoids short but disruptive labour disputes. Additionally, with the

Aengus McMahon18 May 2026MORRISONS

Ardagh Group - comment

The management changes are supportive of the bonds. The structure reflects a break with the old regime, indicating that Ardagh is

Aengus McMahon18 May 2026ARDAGH

Amara NZero - comment

Amara NZero continue to implement their restructuring under the bond documentation. Recovery in the form of classic debt documents is

Wolfgang Felix18 May 2026AMARA

Rekeep - comment

Investors’ concerns around Rekeep’s working-capital movement should ease following the Q1 call and, with results slightly ahead of our

Tomás Mannion18 May 2026REKEEP

Travelodge - coming soon

Aengus McMahon15 May 2026TRAVELODGE

Klöckner Pentaplast - comment

So the restructuring went largely to plan. The FY25 accounts were the last to be prepared with the pre-petition capital structure in place. The reporting entity

Wolfgang Felix15 May 2026KLOCKNER

Graanul - comment

Graanul’s bonds rose by around five points following the Q1 call last night, as investors took comfort from announcements of new contracts

Tomás Mannion15 May 2026GRAANUL

Modulaire - comment

Results were in line with our model, but continuing problems in the UK business, and weakness in France will see the SUNs softer today. Free cash flow

Aengus McMahon15 May 2026MODULAIRE