Morrisons/ASDA - comment

Morrisons' bonds may be marked fractionally lower as Lidl supplants Morrisons as the #4 UK Supermarket. However, this is a

Aengus McMahon27 May 2026MORRISONS, ASDA

Travelodge - comment

The bonds will be slightly softer today, with expected net cost inflation of 6.5%, which outweighs a decent trading performance (albeit Q1 is seasonally the

Aengus McMahon27 May 2026TRAVELODGE

Aroundtown - comment

Strong results from Aroundtown, with management raising guidance for the remainder of FY26. However, given current trading levels and

Tomás Mannion27 May 2026AROUNDTOWN

The Very Group - comment

JD.com is reportedly among the potential bidders for The Very Group, with Carlyle having taken control from the Barclay brothers

Tomás Mannion26 May 2026THE VERY GROUP

Aston Martin - comment

The recall is minor, but the bonds may be marked a touch lower. We expect the cost to be £1.5m – £2m. Given we believe that much of the

Aengus McMahon26 May 2026ASTON MARTIN

Birkenstock - comment

The $250m buyback shouldn’t impact the bonds, as it was confirmed on 14th May with the Q2 numbers. The size is $50m more

Aengus McMahon26 May 2026BIRKENSTOCK

Adler Pelzer - comment

Adler Pelzer bonds have been unshortable for a long time, and now that the company is in intense discussions over its A&E, we

Wolfgang Felix26 May 2026ADLER PELZER

Mobico - comment

Mobico's dispute with the Washington Metropolitan Area Transport Authority (WMATA) is escalating. Following its filing of a

Wolfgang Felix22 May 2026MOBICO

PizzaExpress - comment

Nothing revolutionary to drive bonds either way. Q126 was astonishingly on target. Prior to that, Q425 Progress ever so slightly

Wolfgang Felix22 May 2026PIZZA EXPRESS

Travelodge Client Call and Presentation are now available on the website

Travelodge Client Call and presentation are now available on Travelodge’s page.

Martha Felix22 May 2026TRAVELODGE

Flora - comment

We expect the bonds to trade modestly lower as the numbers behind the headlines point to a concerning trend for Flora. Flat EBITDA conceals a

Wolfgang Felix22 May 2026FLORA

Aston Martin - Thinner - Model Update

Please find our updated analysis here.

Despite its new models being well-received, Aston Martin (AML) has struggled in the last 12 months. Sales of the new GT/Sports models have fallen beneath our (and the company’s) expectations, and SUV sales have been hampered by the slowdown in

Aengus McMahon21 May 2026ASTON MARTIN

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