SBB - comment

The strategic review launched by SBB's board yesterday could lead to a sale, which would be positive for the long end of the debt stack. The review will have been forced on Batjlin by his board, but with 32% economic interest side-lining him will not be simple. Finding a buyer for the whole business (€11.5bn in assets) in the current market will be a struggle, but selling the rest of the Education business is also possible. There is no timeline for the delivery or implementation of any plan.