At 8.5%, the €550m new hybrid was eventually a little more expensive than we thought. The transaction went through as planned, and
Read MoreAston Martin has confirmed that the £50 million additional Committed Facility provided by members of the Yew Tree Consortium has satisfied all
Read MoreWhy absolute priority does not mean you get equity is the result of some clever engineering in the RP. Bondholders remain unimpaired if
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Please find our updated analysis on Emeria here.
for fear of being early, we are not yet making this a full position, but are allowing for some room to grow into it as the restructuring unfolds and mortgage production probably dips again this year. However, we think we can about gather enough intelligence from the rumour mill to slowly start building a position that should make between 10% and 15% p.a. for several years.
Read MoreAtos has used proceeds from its May issuance to repay the 1L Term Loan and launch an offer to purchase the 1L Notes at the
Read MoreIneos has confirmed the shipment of the final two modules for Project One, marking a key milestone in the
Read MoreTullow Oil has completed a small redemption of its senior secured notes at 101%, but this does little to change the overall picture. Tullow will need a
Read MoreThe deal communicated yesterday is more comprehensive than last week’s press rumours suggested. As predicted, the banks have harmonised terms and
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Please find our updated analysis on Graanul here, following its second non-deal roadshow in six months.
Apollo and the management team believe the current market offers an opportunity to refinance the bonds and have launched a second non-deal roadshow this week to test investor appetite. The Company attempted a refinancing earlier this year and now pursues a transaction following some increased visibility on volumes beyond FY26. We remain sceptical about Graanul’s medium-term earnings potential, which we discuss in more detail below.
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Tetrapack and Amcor veteran Michael Zacka is the new interim CEO and looks like a solid choice for Kloeckner. The company is a little smaller
Read MoreBetter late than never. Not relevant to the bonds in the short term, but following a family (due diligence) visit to Britain’s favourite pizza chain, one thought
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Bonds will be higher on hopes for relief from rises in business rates. The company had said the increase would be
Read MoreThe bonds will be lower on a potential snag in putting together a restructuring agreement. However, the lenders are as incentivised as
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The pre-AGM trading statement points to a strong first half, and, added to the disposal of the loss-making Acrylic Monomer business, the bonds
Read MoreBonds will be very slightly firmer today; the Ocado board has been under pressure to take some action over the future of
Read MoreThe impact on the bonds will be a small positive; avoiding a strike will be a relief to the Morrisons branches in the
Read MoreThe excess proceeds tender from Ardagh will see the SSNs and 2nd Liens slightly firmer. The purchase was expected, so
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Clariane continues to refinance its balance sheet, launching a €333m undated, deeply subordinated hybrid bond to refinance the
Read MoreOur sincere condolences to the Guillemot brothers and loved ones, following news of Claude Guillemot, chairman
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