ASDA - comment

ASDA’s numbers on Friday will have seen the bonds softer, but the slowing pace of revenue decline is supportive. We

Aengus McMahon1 June 2026ASDA

Air Baltic - comment

We understand bondholders have hired Houlihan and Lokey ahead of the inevitable restructuring of Air Baltic. The company showed the

Wolfgang Felix1 June 2026AIR BALTIC

Fedrigoni - comment

Following their recent jump, bonds will struggle to do any better on the Q126 release. Revenues in the LPCS division beat our expectations by

Wolfgang Felix1 June 2026FEDRIGONI

Klöckner Pentaplast - comment

Klöckner bonds could be a little friendlier on the Q126 results. Revenues were €10m light of our projections, but EBITDA was €10m stronger

Wolfgang Felix1 June 2026WORLDLINE

Worldline - comment

The €280m of net cash proceeds are right in the middle of the guidance given on the last call. The company has now concluded

Wolfgang Felix1 June 2026WORLDLINE

Atalian - comment

The bondholders are finally taking over Atalian. We see the package as worth around 47c/€, and with the leverage at 4.6x, the reinstated debt

Aengus McMahon1 June 2026ATALIAN

Travelodge - In Line - Model update

Please see our updated analysis here.

We only launched coverage of Travelodge on 19th May, so with the numbers in line with our forecasts, little has changed. Q2 26 has started well with

Aengus McMahon29 May 2026TRAVELODGE

Flora - Focus on the underlying business - Positoning

Please find our updated analysis on Flora, post-Q1 results, here.

While speculation about a potential sponsor exit continues and may offer longer-term upside optionality, it is unlikely to be a near-term transaction. In the

Tomás Mannion29 May 2026FLORA, UPFIELD

Maxeda - comments

Bonds won’t be moving much, considering the information cleansing inherent in the report today (we have the presentation, but

Wolfgang Felix29 May 2026MAXEDA

ASDA/Ocado - comment

The partnership is a small positive for both companies' bonds. ASDA is adopting a lighter version of the Ocado proposition, broadly similar to

Aengus McMahon29 May 2026ASDA, OCADO

Lowell - comments

The deconsolidation of Wolf IV is now visibly cascading through the financials, but on a net basis the ultimate change in cash was on par with

Wolfgang Felix29 May 2026LOWELL

Standard Profil - comment

Although Standard Profil has improved margins and delivered higher reported EBITDA, the overall numbers remain weak. Revenue fell by

Tomás Mannion29 May 2026STANDARD PROFIL

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