Emeria - comments

Emeria’s results were disappointing yesterday, and bonds should have reacted more than they have. French B2C RRES is now well

Wolfgang Felix29 May 2026EMERIA

OHLA - comment

A small positive for the bonds, but we have heard of sale plans for Canalejas for a long time. We take some comfort from Luis Amodio’s

Aengus McMahon28 May 2026OHLA, OHL

Morrisons - comment

On the latest investor call, management mentioned that some smaller convenience stores were unprofitable. The smaller outlets were much

Aengus McMahon28 May 2026MORRISONS

Ardagh Group

The attached article is a good summary of the challenge facing Ardagh Glass. We have said for some time that part of the drops are

Aengus McMahon28 May 2026ARDAGH

Biogroup - comment

BioGroup completed its refinancing and debt extension on May 22nd, elevating the sub bonds at 97.5% to senior secured status and extending

Tomás Mannion28 May 2026BIOGROUP

Cerba - comment

With the senior debt locked up and the company having entered a mandat ad hoc procedure, the Q1 numbers are irrelevant. There were numerous

Tomás Mannion28 May 2026CERBA

Isabel Marant - comment

The Q1 numbers won’t impact trading levels, as the underlying credit story remains unchanged. The DTC channel continues to grow

Tomás Mannion28 May 2026ISABEL MARANT

Adler / all RE names - comment

The 3LNs should be softer today. On its Q126 call, Adler confirmed weakness in the German RE market, as institutional investors are holding off on

Wolfgang Felix28 May 2026ADLER, VIVION, ACCENTRO, AROUNDTOWN, GRAND CITY

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