Steady for the bonds. RG Group revenues were slightly down on our forecast as Video is falling even faster than expected; government pick-up
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We view today's FT article as more noise than news. It reinforces the existing short thesis around leverage and structural complexity but
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We expect little reaction in Tullow's bonds following the H1 trading update. Operational performance was stronger, but broadly in line
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AMS Osram’s H1 results were broadly in line with our expectations and should have little impact on bond prices. In our view, following the
Read MoreWe agree with the stance being taken by other creditors and share their concerns that the transfer of assets outside the existing bondholder
Read MoreNot so reassuring. The bonds should see a little pressure. CEO Henrik Nordvall is leaving only six months after taking office, and
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Bond prices should be broadly stable following Synthomer’s H1 results. While the update shows progress on the transformation programme, the
Read MoreWe expect HSE's last-minute revised offer to succeed, although we are expecting another extension to the weekend now, since the
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Stonegate has been looking precarious at times, never mind the asset backing. The Run Rate Adjusted EBITDA calculations have been dubious from the start and continue to exclude every negative trend that the company already knows well about. Still, the momentum is now with pub companies and the Platinum transaction should provide enough liquidity to refinance in one way or another. So, buying a name at par that might refinance within a year and that still struggles to pay for its interest is unusual to say the least, but we don’t think we will be losing money here and the near 11% coupon pays for it.
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The Bonds still benefit from C-Band amnesia. Media revenues are now falling at -10% p.a., much faster than the -5% we had been
Read MoreAccentro reports the noteholders' acceptance of the plan with only 84.84%, achieved nonetheless with 99.57% of votes cast. Nonetheless,
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On balance, positive for the bonds. Worldline was a little bit behind our expectations on Merchant Services but caught up with
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Our main disappointment from Ineos Quattro’s Q2 update was the decision to invest the $200m shareholder equity injection into listed
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Viridien’s Q2 results were broadly in line with our expectations, and we expect some slight support for bond prices. Deleveraging continues to
Read MoreSuccess, almost. Branicks are busy today: Three things need to go right today: 100% SSD/NSV accession by close of business, Schultheis onto the
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Not so exciting for bonds. The presentation could have been written by Donald Trump himself. Everything is strong, and bonds seem to
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Not as bad as many feared and therefore slightly positive for the bonds. House of HR Q226 total revenues were almost on target, but expenses
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Atos’ operational turnaround is making progress, but there is still a long way to go. We expect bond prices to remain broadly
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There was some concern that the new financing announced ahead of the H1 results was a signal that the underlying numbers would
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Solid for the bonds, but the perps must be careful. We are exiting our residual position today at 64p/£. Results were positive as expected, and the company raised
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