The bonds should be only marginally impacted by this insider sale. The 90k shares sold represent 75% of the EMEA president’s stock and
Read MoreThe bonds will be softer on the downgrade to Caa1, but with a B- rating at S&P, forced selling will be limited. The rationale for the downgrade is
Read MoreTullow Oil’s reconfirmation of upper-end production guidance will maintain current prices on the call constrained bonds, but the
Read MoreThe bonds did better yesterday. €200m fresh equity (elsewhere rumoured to be €250m of 1.5L) isn’t the world on a €3.5bn cap stack. But for a
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Please find our updated analysis of Antolin here.
Advisors are hired, and bonds are somehow organised, but have not yet heard from Houlihan. We have always said that this is one of those cases where pari passu creditors may not end up pari passu. But a deeper legal analysis has sharpened our
Read MoreFollowing a few extra calls for liquidity and amid the labour leadership debate, crunch time is coming as Ofwat meets to assess the
Read MoreMildly positive for the bonds today: the sale of Platinum pubs seems to be underway, as press reports that Terra Firma is among the
Read MoreAltice and its French unit SFR confirmed that Orange, Iliad and Bouygues have signed a memorandum of understanding (MoU). The agreement sets a
Read MoreThe FT highlights rising short interest in call-centre and outsourcing names, including Transcom, and argues the sector faces structural
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Please find our existing analysis on ION Platform here.
As flagged previously, we were waiting for a more compelling entry point before initiating a long position. We have re-listened to the mammoth conference call to reconfirm key points, and, following the recent modest sell-off, we believe now is the right time to take a position.
Read MoreReports that Emeria lenders are forming a coop mark a deterioration in expectations. The debt may be difficult for the company to
Read MoreIt’s only incremental for the bonds this morning. The company’s announcement of concrete details on its fully underwritten rights issue concern really only
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Pasubio’s P&L came in line with our expectations, while cash flow exceeded our forecasts for many factors. Importantly, the core rationale for
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All,
Please find our updated analysis on Transcom here.
We previously believed the Company had no viable option for a full refinancing and that an Amend and Extend (A&E) represented the only realistic outcome for all stakeholders. We were therefore surprised when Altor provided €50m of equity (we had assumed €20–30m) to support the A&E process. With over 80% of bondholders committed from the outset, the transaction closed successfully and extended maturities to 2030. With the bonds now trading in the high 80s, we believe the risk-reward merits re-engagement.
Read MoreThe bonds will be firmer today on more clarity in the timeline for the sale of the Services business. Expansion reports that a
Read MorePatrick Drahi continues his financial wizardry stateside, with Optimum Communications (previously Altice USA) transferring its most
Read MoreOHLA’s desire to call the bonds places a floor at 100c/€ (the call price); the bonds should move higher on this news (they currently trade at 94%). The bonds are
Read MoreVictoria PLC has confirmed the retirement of Group CEO Philippe Harmes, as flagged in October, and will not replace the role, instead empowering
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