BioGroup’s Q2 results are modestly positive for the bonds, although we maintain there is limited upside in the short term. The
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SBB has proposed to buy back and subsequently cancel all outstanding D shares, which we see as broadly positive for the overall
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We see the Q2 numbers as modestly positive for the bonds, but not sufficient to materially change the credit story. Revenue increased
Read MoreWhether or not the bondholder vote takes place before or after the CH11 filing really makes no difference, considering its
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Post-restructuring agreement, the H126 call was calm and collected yesterday. Management emphasised a record Mother's Day haul, but
Read MoreSeptember 11th was always going to be a bit of a day to get people to pay attention - for an Airline anyway. The meeting has been
Read MoreIt's coming now. On the last two calls, if not more, management had been flagging its desire to add more fashion content and
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Antolin Q226 revenue is 1.5% ahead of expectations, in line with Europe itself. NAFTA outperformed, and APAC underperformed, each
Read MoreNo news release from Fedrigoni this morning as news circulates that CEO Marco Nespolo is leaving to join KKR-backed FiberCop, again
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Intrum's €200m tender offer is now completed, leaving €1.13 bn of 7.75s outstanding. Considering management's commentary
Read MoreBondholders will obviously waive the covenants. Resolving the entire matter for €26m is expensive, but worth it. Still, OHLA seem intent on
Read MoreOur first reaction to the 7–7.5% IPT for Clariane’s new six-year Senior Unsecured Notes was that it looked too wide, and the final
Read MoreSBB’s SEK 7bn portfolio disposal to KlaraBo is edging closer to completion, following approval from the Swedish Companies
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Mobico H1 revenues released this morning reveal little news to move any instruments that are focused on recapitalisation. We are not
Read MoreWhen we read the Matalan news this morning, initial feelings were of alarm and confusion. The company has been going in the right direction, and
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Please find our updated analysis on Modulaire here.
The ink isn’t dry on the turnaround plan management presented at year-end, and we are finding more than one negative signal to concern us. In years gone by, a bet on the sponsor providing fresh cash would have been easier to entertain, but even then we didn’t get paid for that.
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Please find our updated analysis on Flora, following the Q2 results, here.
KKR has owned the Company since 2017 and, having extracted no dividends, needs to engineer an exit. However, the underlying business continues to struggle to generate meaningful growth, while actual leverage remains c.7.0x. This is increasingly testing investor confidence, particularly at the Senior Notes (sub) level, which also carry unusual documentation from the Nordic bond issuance.
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Tele Columbus is reporting "constructive dialogues between MSI MorganStanley and [its] lenders. The discussions are ongoing, and
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Standard Profil’s bonds are illiquid, so we expect no meaningful price change following the Q2 results. H1 revenue fell 5.6% to
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