Fedrigoni is raising a new like-for-like bond to replace the 2030s. The new FRN has a covenant package aligned with that of the 2031s. On the call,
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Victoria fell short of our expectations in H226 (to March). Revenue came in just shy of target and offset by gross margins, but
Read MoreOcado seem to be coming closer to an agreement with M&S. We understand that the company withdrew its £191m claim
Read MoreEnergy demanding Iceland is bringing a new £600m bond. Yesterday's materials and presentation discussed that the company is largely
Read MoreGood news for satellite operators. According to a Reuters article now approved by the FCC, the latter has set a $6.3bn incentive pool to clear
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VMED outperformed our model by over £100m or nearly 5% in Q226, which added £23m at EBITDA level to come to £894m. The outperformance cam
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Iceland are out marketing a £600m 7-year NC3 fixed/NC1 floating bond. Judging by Iceland's past handling of its financing
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Please find our updated analysis here.
We feel reminded of Emeria. Strong fundamentals conflict with challenging technicals, where a valuable company runs an outsized M&A and CapEx program to put its liquidity under pressure at the wrong moment. But that is where the similarities end. Documentation and legal setup are very different, and Travelodge still has one or two more cards to play to buy itself a little more time if it feels it can make investors comfortable next year.
Good news for the bonds. The Latvian government approved state purchases of Airbaltic bonds. This is only an instrument that could
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Following news of the record launch of Assassin's Creed Black Flag Resynced, the company failed to raise guidance, but the outlook is far
Read MoreThe Senior Secured Notes are down c.25pts, which appears to be an over-reaction. Stepping back, our model, and those of others, already pointed to
Read MoreWith more than 90% of the 2028 Senior Secured Notes consenting, Victoria will now implement the refinancing via a consent
Read MoreResistance is futile... With acceptance deadlines behind us, Antolin has applied to the Bankruptcy Court of the Southeast District of New York to
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Please find our updated analysis on ION Platform post-Q2 results here.
Re-listening to the Q2 conference call, our overriding impression was one of disappointment. Following the improved disclosures and more constructive engagement in Q1, management took a clear step backwards in Q2, offering limited insight on
Read MoreBondholder cooperation in Aston Martin is being tested by the prospect of a punitive drop-down executed outside the group. Bonds fell further this
Read MoreEvery little helps its bonds and shares. Ocado have announced a new order for a single next generation CFC from a "fast-growing
Read MoreNo signal. As negotiations are ongoing, Branicks has informed it has delayed its publication of the audited 2025 report to the
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With occupancy effectively full (99.5% across the three main markets), Heimstaden continues to post improving rental income figures, and all
Read MoreIs it stick and carrot, or are creditors negotiating with themselves? On the one hand, they have hired litigation firm Pallas and publicly leaked, if not
Read MoreGood news for the bonds, perhaps. In an interview with Reuters, Latvian interims PM Andris Kulbergs has confirmed that the government is
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