Signa - comment

We are not covering Signa due to the small size of the development bond relative to the vast and opaque conglomerate that is otherwise entirely loan-financed. Following a steep decline in the situation over the last two months, Signa Holdco eventually filed for insolvency in Austria, where it is looking for self-administration. The name has been keeping many accounts very busy as a result.

Wolfgang FelixREAL ESTATE