Blog

Iceland Q3’24 (Dec’23) Credit Update
February 23, 2024

Q3’24 Summary Robust top line performance from Iceland in the Q3’2024, with sales over £4.1Bln LTM. Inflation and high energy from Iceland Q3’24 (Dec’23) Credit Update

Register
Ford Q4’23 Credit Update & Outlook
February 12, 2024

Key Operating Segments “Ford blue” two thirds of the sales come from traditional ICE cars, with a less stable outlook from Ford Q4’23 Credit Update & Outlook

Register
Zenith (ZEUSBD, XS2436885409)
February 2, 2024

Credit summary: Zenith is an interesting conundrum, it’s a B1/B+ rated bond with CCC-esque spreads, with huge off-balance sheet securitization from Zenith (ZEUSBD, XS2436885409)

Register
Melrose Credit Review
January 16, 2024

Melrose Industries Credit Analysis Following demerger of GKN Autos – The Dowlais Group(based on the latest numbers from 1H’23)(Forecast numbers from Melrose Credit Review

Register
IPF, Quick Take
January 12, 2024

Credit Summary, IPF: IPF is a consumer lending business, operating in Europe (mainly Eastern Europe), Mexico, and Australia. Notably, the from IPF, Quick Take

Register
Modulaire Group (MODULA)
January 5, 2024

Credit Summary: Modulaire (MODULA 6 ⅛ 11/30/28 £259m SSNs XS2397447538, MODULA 4 ¾ 11/30/28 €750m SSNs XS2397447025, MODULA 6 ¾ from Modulaire Group (MODULA)

Register
Admiral Insurance Group Credit Review 1H’23
December 29, 2023

Operating Performance 1H’23 As of 1H’23, the Group saw its customer base grow by 4%, reaching 9.4m amidst a challenging from Admiral Insurance Group Credit Review 1H’23

Register
UK CPI Inflation and Interest Rates
December 22, 2023

Outlook for 2024 CPi In November 2023, the CPI rate dropped to 3.9%, the lowest since September 2021, down from from UK CPI Inflation and Interest Rates

Register
Credit Spreads In Review.

Move of the year, XOVER: XOVER is 157 bps tighter year to date, the largest move in recent history bar from Credit Spreads In Review.

Read more
ASDA Q3’23 Credit Update
December 15, 2023

Operating Performance Total Asda group revenue up 2% to £6.3Bln. Ex -Fuel sales are up LfL 2.8% to £5.4Bln. Retail from ASDA Q3’23 Credit Update

Register
Carnival Cruises

Company Description Carnival Corporation & Carnival plc (CCL) runs the world’s largest cruise passenger fleet. CCL operates globally, with a from Carnival Cruises

Register
The Panama Canal causing supply chain concerns as shipping lanes are bottlenecked
December 7, 2023

It is possible that two byproducts of the bottleneck occur, one is a shortage of products available in the supply from The Panama Canal causing supply chain concerns as shipping lanes are bottlenecked

Register
Bank liquidity and funding will have to be recalibrated in 2024, as the ECB’s Taregeted Long Term Refinancing Operations “TLTRO 3” conclude

Intro The conclusion of the ECB’s targeted longer-term refinancing operations (TLTRO-III) is expected to mature throughout 2024. There’s a heightened from Bank liquidity and funding will have to be recalibrated in 2024, as the ECB’s Taregeted Long Term Refinancing Operations “TLTRO 3” conclude

Register
Punch Taverns (PUBLN, XS2357307664) – Sailing close to the wind
December 5, 2023

Credit Summary: Punch (PUBLN, XS2357307664) is attempting to navigate to a successful refinancing ahead of it’s £600m SSN maturity in from Punch Taverns (PUBLN, XS2357307664) – Sailing close to the wind

Register
Miller Homes Short Form Credit Review Q3’23
December 1, 2023

Miller Homes Operating Results for Q3’23 Q3’23 revenues down 10% YoY to £240m, whilst LTM revenues down 3% to just from Miller Homes Short Form Credit Review Q3’23

Register
NewDay
November 19, 2023

Credit Summary Declining Leverage, High Interest Coverage and Debt Buybacks Newday’s Q3 ’23 saw leverage flat vs. FY ’22, both from NewDay

Register
Burford Capital Q3’23 Credit Update
November 17, 2023

Buford Q3’23 Credit Review Update Operating Performance Burford’s top line revenue is £504m in Q3’23. And £1Bln in the 9 from Burford Capital Q3’23 Credit Update

Register
AMS Osram Q3 23 Credit Update
November 10, 2023

Operating Performance Going forward, the exit of the non-core semiconductor business portfolio will affect the revenue run-rate by a reduction from AMS Osram Q3 23 Credit Update

Register
Moody’s TMT seminar, my notes.
November 9, 2023

Moody’s invited us to their TMT (Technology, Media, Telecoms) Ratings Risk seminar this week. The main focus of the talk from Moody’s TMT seminar, my notes.

Read more
Iceland: Q2 2024 Credit Update
November 3, 2023

Operating Performance Iceland seems to be turning a corner after a tumultuous year of higher energy costs, food inflation, intense from Iceland: Q2 2024 Credit Update

Register

Success

Your account has been created successfully

Success

Your categorisation has been upgraded successfully

You can’t re-categorise

Please email [email protected]
if you believe this in error

You do not qualify

Unfortunately you don’t meet the necessary criteria to upgrade your account.