Ardagh Group - comment

Glass operations are not what’s driving bond prices, and the maintained 2025 guidance doesn’t change much for creditors. AMP stock jumped 30%, which is a positive for holders of the SUNs. However, a higher AMP stock price is likely to lead to a more aggressive stance by Coulson in dealing with the SUNs.

Glass packaging performed better than we feared in 25Q1, but 2025 guidance was not raised. Volumes were down 5% (Europe -3%, America -8%). AMP raised its volume growth forecast to 3% - 4% and its EBITDA forecast by $20m to $695m - $720m.