Antolin - Positioning

We shorted Antolin10 3/8s at 82 in March, but are now buying back the position at 70 as we are getting carried out. The bonds had reached the low 60s in their nadir and we think that is where they belong - at best. The company is not as exposed to US tariffs as we had initially expected, but regardless, it needs to sell further assets to fund its very slow turnaround in a very unfavourable market. So we have not changed our view of the name, but if the market wants to chase yields on these bonds, we will take the position off for the moment.