Aston Martin - comment
The coupon for AML’s refinance will irritate Lawrence Stroll, but getting the deal away successfully allows management to focus on operations. Also, the NC2 and half coupon call structure will reduce the cost of a future refinance. Despite the volatility in the luxury car space, we like AML, and our analysis has the value of the brand covering the debt. Our core thesis is that Geely will eventually buy AML.