Isabel Marant - comment

Given the poor documentation, there is horror on the desk about considering changing our view regarding Isabel Marant's bonds. However, the Q4 results offer a glimmer of “hope" for bondholders, with retail sales bridging most of the wholesale shortfall. The call yesterday evening was uneventful, although some analysts definitely showed their directional bias. The RCF is due in early 2027, leaving the Company 12-18 months to attempt a refinancing. Bonds fall due in February 2028. We are working on recapitalisation scenarios with a full refinancing unlikely. The bonds trading sub-50 give plenty of options.