ION Platform released its Q2 results ahead of its conference call on Tuesday, 14 July. Overall, the update should be supportive for
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Pasubio continues its efforts to refinance its 2028 bonds, with BofA and Goldman Sachs sounding out investors on a new
Read MoreDespite this week's sell-off, we expect Aston Martin's bonds to remain under pressure as investors focus on whether
Read MoreIncremental news this morning. Intrum management today resolved on the second part of its directed rights issue. Following the
Read MoreVictoria has again kicked the can down the road, extending maturities without fully addressing its outstanding liabilities. While management highlights a
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Adler Pelzer has reached a deal. The bonds will receive par from a newly issued €85m RCF and a €510m loan, as well as a healthy, but
Read MoreBig positive news this morning on Accentro. It’s been a long time, but the debt reprofiling is wider than expected. The SSSNs get a
Read MoreThe Spanish Supreme Court’s ruling in favour of OHLA on the M12 highway leading to Madrid’s airport is a major win for the company. Far from
Read MoreAroundTown is further extending its debt maturity profile after similar refinancing transactions earlier this year. This will further
Read MoreThe Kosmos update is modestly positive for Tullow Oil’s bonds. However, given that the bonds remain call-constrained, we expect only a
Read MoreFurther to the thesis that Intrum would take out its 8% 1.5 Lien bonds first, the company is out offering a €525m 2031 bond to
Read MoreBonds are surprisingly steady on the news that the Estonian parliament wouldn’t support Air Baltic with fresh equity. We think the
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Please find our initiation on Rino Mastrotto here.
Following your requests and as a natural comparison to our earlier work on Pasubio, we undertook a detailed review of Rino Mastrotto. While the credit sits outside our usual size focus, the shared sector dynamics warranted deeper analysis. The bonds were heavily shorted ahead of the Q1 results, and sentiment remains cautious. However, the company benefits from solid liquidity and a strategically important role within its customers’ supply chains, which limits the risk of any near-term credit events.
Read MoreTight natural gas supply continues to constrain Trinidad & Tobago’s downstream energy sector, highlighted by the exit of
Read MoreNo impact on the bonds. Now that the monies from its rights issues have been received, Intrum will proceed with the offloading of
Read MoreWe are reading news articles (possibly AI-generated) portraying the collapsed sale of the ground infrastructure to
Read MoreAltice International has announced that HOT has agreed to sell 100% of HOT Mobile to a consortium comprising
Read MoreAMS Osram has completed the sale of its non-optical analog and mixed-signal sensor business to Infineon for €570m in cash. Together with
Read MoreThe company reported the extension of its standstill with the promissory notes to July 27th, as negotiations continue. The A&E will have to
Read MoreBonds should not move much this morning on what is merely a confirmation that Intrum’s rights issue is now complete. The SEK 6bn in
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