Victoria Plc - comment

Victoria’s AGM update is modestly positive for the bonds, with management reporting an encouraging start to FY27 and continued progress on

Tomás Mannion4 September 2026VICTORIA

Cerba - comment

With the majority of the debt locked up, we expect limited price action following the Q2 results and conference call. Management confirmed that

Tomás Mannion4 September 2026CERBA

Air Baltic - comment

Good news. A group of Air Baltic bondholders seems to have agreed heads of terms with the airline for interim financing of a surprisingly precise

Wolfgang Felix4 September 2026AIR BALTIC

Rino Mastrotto - comment

Rino Mastrotto’s 1H26 results are modestly negative for the bonds, although the lack of near-term liquidity or refinancing concerns should

Tomás Mannion3 September 2026RINO

Pasubio - comment

Pasubio’s Q2 results are unlikely to have any meaningful impact on trading levels, following the refinancing of the bonds earlier this quarter. Q2 revenue of

Tomás Mannion3 September 2026PASUBIO

Branicks - comment

Stage 1.5 is underway at Branicks, with a deadline by Friday to sign up to the fresh cash. To recap, Step 1 bought time (done on 18 August). It saw the

Wolfgang Felix2 September 2026BRANICKS

Altice France, Altice International - comment

SocGen has agreed, subject to regulatory approval, to acquire Geodesia’s 50% stake in OXG, the German fibre JV co-owned with

Tomás Mannion2 September 2026ALTICE, ALTICE SFR, ALTICE INTERNATIONAL

OHLA - comment

Big positive news this morning from where we are sitting, even if largely priced in and for a long time already. The Court of Cassation of

Wolfgang Felix2 September 2026OHLA

CPI - comment

CPI released its H1 results yesterday, which should leave the bonds broadly unchanged. Reported earnings were weaker due to

Tomás Mannion1 September 2026CPI

ASDA - comment

Asda’s Q2 results should have limited impact on bond pricing, as the weak operational performance is consistent with management’s

Wolfgang Felix1 September 2026ASDA

Intrum - comment

Intrum results were a little more disappointing than we had expected. The service division had already begun to show signs of

Wolfgang Felix28 August 2026INTRUM

Consolidated Energy - comment

Q2 results support recent bond prices, but management was clear that the quarter should not be annualised, guiding to $700-750m of

Tomás Mannion28 August 2026CONSOLIDATED

Rekeep - comment

Q2 results should see the bonds trade off further, although recent comments around potential asset sales are likely to mute any

Tomás Mannion28 August 2026REKEEP

Altice International - comment

Altice International creditor group, including Arini, Silver Point, King Street, Sona, Diameter and Invesco, is turning aggressive, as it prepares to

Tomás Mannion27 August 2026ALTICE INTERNATIONAL

Graanul - comment

There will be no impact on trading levels from Graanul's conference call yesterday. There was plenty of discussion around contracted

Tomás Mannion27 August 2026GRAANUL

Adler - comment

Good execution, albeit in a lousy environment, should put marginal pressure on the bonds. The room to manoeuvre is

Wolfgang Felix27 August 2026ADLER

Altice France - comment

Creditors remain heavily reliant on the proposed transaction going through, as the underlying SFR asset is continuing to deteriorate and,

Tomás Mannion27 August 2026ALTICE SFR

Aston Martin - comment

Aston Martin’s bondholder dispute has escalated, with bondholders seeking US court discovery ahead of a UK legal challenge to

Tomás Mannion26 August 2026ASTON MARTIN

Aroundtown - comment

There will be little change in AroundTown's bond prices following this morning's Q2 results, with operational performance

Tomás Mannion26 August 2026AROUNDTOWN

Graanul - comment

We expect little immediate impact on trading levels from Graanul's reported Q2 results yesterday. The investor call

Tomás Mannion26 August 2026GRAANUL