The market had been anticipating this strong performance after other pub groups had already reported on the positive
Read MoreConference calls without a Q&A session rarely make it easier for creditors, although it won’t change bond trading from
Read MoreAt last, bonds/perps/equity will be reacting positively on the news, which were originally promised for last quarter and whose lack was one of the
Read MorePlease find attached our updated analysis on Ubisoft here.
We like this name because it allows for a tactical position that is also asset covered. But in particular, the tactical aspect required a little more game theory. We have given particular attention to two paths the Guillemots have at their disposal to put pressure on the bonds. But both remain fairly blunt, and the more likely is weakest on the priorities in the brothers’ list.
Read MoreThe sale of Alfahealth to Accenture is a positive for the bonds; it will materially deleverage Engineering and offer an exit for Bain. We estimate the
Read MoreFollowing their maturity extension last month under new CEO Henrik Nordvall, the bonds traded up 3 points, but volumes are thin, so there won’t be much
Read MoreBonds will be a little higher on the back of what were decent operational Q3 results in a very tough UK market. Management reiterated its full-year
Read MoreBonds will be firmer today after the Q3 results; poultry and Meals and Bakery margins were both above our expectations. So far,
Read MoreBonds should not move much this morning. We had already been asking about the timing of the French defence ramp-up on the last call. The early
Read MoreHopes that the plan would be accepted on a lower administrative path have been dashed. Environment Secretary Reynolds has reportedly written an
Read MoreThe Spanish newspaper El Confidencial reports that the company has received support from its banks to refinance and extend maturities
Read MoreThe November 2026 hybrids have been trading in the high 90s for some time, and we expect most holders will either tender and
Read MoreThe asset sale and the appointment of Katja Bielke as CEO are positive for the bonds. She is one of the executives who joined in
Read MoreKem One serves as a cautionary tale for chemical investors. Holders of the original Senior Secured Notes will see their claims fully extinguished,
Read More