Please find our unchanged model here.

Eventually, AlmaViva will pull into the refinancing station having stated on their Q2 conference call their intention to raise a new bond and RCF next month. This will

Please find our unchanged analysis here.
We wonder why despite the company’s client concentration this bond has not been refinanced yet. Yes, maturity is

Please find our updated model here.

We had expected this bond to be refinanced in Q1 2021. Obviously, this has not happened, but we remain confident that the Company will refinance in the next 6 weeks either

Please find our updated analysis here.

We currently do not have a position in the bonds. We firmly believe

We have updated our model post Q2 results on AlmaViva here.

Odds are that AlmaViva will prolong their full relationship with RFI (Italian Railways) late this year, in which case the bonds should

Refinancing on the way - as guided, strong Company performance with healthy cashflow generation, we are expecting a refinancing in Q4. The bonds call protection

We remain on the sidelines of AlmaViva as the recent rally to 90% leaves the bonds not attractive enough to compensate for the potential

AlmaViva have released their Q numbers prior to conference call at 3pm. Numbers are broadly in line if a little stronger than our model. Will update post the conference call, but highlights include:

Below is an account of each of the names we follow and have begun work on in the context of Covid19 and Oil prices. Several names stand out as having become either uninvestible or outright attractive - already now.

We remain long Almaviva for the time being. The name has gained some 10 points since we stepped in, but while we are seeing

Please find our analysis on Almaviva here.

We have taken a position in the bonds for 3% of NAV at 77c/E on the 8th of October.