Ardagh - comment

Ardagh’s SUNs are up another couple of points on the news that a Trivium deal is close. We are very puzzled by the strength of the SUNs, which we see as having a fair value of up to 30 points lower. The cooperation agreements are doing a lot of heavy lifting for the SUNs, and our expectation remains that the losses in the restructuring will be borne mainly by the SUNs.