We shorted Antolin10 3/8s at 82 in March, but are now buying back the position at 70 as we are getting carried out. The bonds had reached the
Read MoreFitch downgraded Victoria Plc bonds to CCC+, reflecting the market view of a difficult refinancing task for the Company with its upcoming bonds. We reiterate our
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With less than two years to maturity, Transcom bonds still languish in the mid-70s. Today's Q1 results will do nothing to change that. The path to
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Fundamentally, the year is off to a good start. Intrum have brought cost under control and the service segment is growing, making up
Read MoreSelling at 98 felt great, but the bonds are now at 105. Apparently, the change in CEO to Jean-François Fallacher was a condition for the
Read MoreAllan Leighton has decided not to wear the Chief Customer Officer hat, and ASDA has appointed Rachel Eyre from Morrisons. Eyre has the
Read MoreThe Amodio brothers are unwilling to make any concessions to Jose Elías (and the rest of his consortium) over governance. If the Jose Elías
Read MoreFollowing last week’s announcement of its agreement with the RCF lenders, Lowell have begun the execution process with a consent solicitation to
Read MorePHLA's 5-year strategic plan is evolutionary rather than revolutionary, but it still could create problems in the longer term. The plan anticipates growth in
Read MoreWhen equity has fallen so significantly, paying more cash becomes inevitable to attract the best senior executives and
Read MoreThe company has a new CEO in Jean-François Fallacher, who is coming from Orange, France. He has had
Heimstaden Bostad continues to see strong momentum in its occupancy and rental growth, resulting in a 1% increase in property values. LTM Ne
Read MoreAroundTown are extending its debt maturities and has launched a new 5-year fixed at c.215bps over, the proceeds of which wil
Read MoreVictoria Plc issued a trading update for the year ending March 2025, confirming revenue to be at least £1.11bn and that EBITDA margins will broadly
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The 11% coupon on the new £300m SUN is cheaper than raising equity. Also, coming within the price talk (albeit the wide end), the sticker shock for
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Q125 operating results were slightly below our expectations. We expected additions but both mobile and fixed shed customers. The largest part of
Read MoreOHLA will need to raise at least €33m from shareholders outside of the Amodio family and the various consortia that entered the
Read MoreCongratulations to Ranjit Boparan for finishing the London Marathon and raising £140k for charity.
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