/raid1/www/Hosts/bankrupt/TCREUR_Public/240701.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, July 1, 2024, Vol. 25, No. 131
Headlines
B E L G I U M
APOLLO FINCO: EUR348MM Bank Debt Trades at 20% Discount
F I N L A N D
MEHILAINEN YHTYMA: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
MEHILAINEN YHTYMA: S&P Assigns 'B' Issue Rating on New Term Loan
F R A N C E
ALTICE FRANCE: $2.15BB Bank Debt Trades at 20% Discount
ALTICE FRANCE: $2.50BB Bank Debt Trades at 23% Discount
ALTICE FRANCE: $4.28BB Bank Debt Trades at 26% Discount
CELESTE: Placed Into Compulsory Liquidation
SECHE ENVIRONNEMENT: S&P Affirms BB ICR & Alters Outlook to Stable
G E R M A N Y
CECONOMY AG: Fitch Assigns 'BB(EXP)' Rating on EUR500MM Bonds
I R E L A N D
MARGAY CLO II: Fitch Assigns 'B-sf' Final Rating on Class F Notes
RRE 12 LOAN: Fitch Assigns 'BB-sf' Final Rating on Class D-R Notes
RRE 12 LOAN: S&P Assigns BB-(sf) Rating on Class C-R Notes
SUMMERHILL RESIDENTIAL 2024-1: S&P Assigns B Rating on Cl. F Notes
I T A L Y
BRIGNOLE CO 2024: Fitch Assigns 'B+sf' Final Rating on Cl. E Notes
L U X E M B O U R G
PICARD BONDCO: Fitch Alters Outlook on 'B' LongTerm IDR to Stable
N E T H E R L A N D S
S&S EUROPE: Declared Bankrupt Following Logistical Problems
S W E D E N
INTRUM AB: S&P Lowers LongTerm ICR to 'CCC', Outlook Negative
U N I T E D K I N G D O M
ALBION HOLDCO: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
BODY SHOP: Former Mothercare Boss Submits Takeover Bid
CAZOO: Motors Acquires Brand Following Administration
HERMITAGE 2024: Fitch Assigns 'BB+(EXP)sf' Rating on Class E Notes
HOPS HILL 3: S&P Raises Class G Notes Rating to 'BB+ (sf)'
L1R HB FINANCE: EUR415.5MM Bank Debt Trades at 22% Discount
SMIFFYS: Bought Out of Administration by Ad Populum
THAMES WATER: Says Aging Assets Pose Risk to Public Safety
ZEGONA HOLDCO: Fitch Gives 'BB+' LongTerm IDR, Outlook Stable
X X X X X X X X
[*] BOND PRICING: For the Week June 24 to June 28, 2024
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B E L G I U M
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APOLLO FINCO: EUR348MM Bank Debt Trades at 20% Discount
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Participations in a syndicated loan under which Apollo Finco BV is
a borrower were trading in the secondary market around 80.4
cents-on-the-dollar during the week ended Friday, June 28, 2024,
according to Bloomberg's Evaluated Pricing service data.
The EUR348 million Term loan facility is APOLLO FINCO scheduled to
mature on October 8, 2028.
Apollo Finco BV was established in June 2021. It is a unit of
Apollo Bidco. The Company's country of domicile is Belgium.
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F I N L A N D
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MEHILAINEN YHTYMA: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
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Fitch Ratings has affirmed Mehilainen Yhtyma Oy's Long-Term Issuer
Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also
assigned Mehilainen's announced term loan B (TLB), to be issued by
its subsidiary Mehilainen Yhtiot Oy, a 'B(EXP)' senior secured
expected rating with a Recovery Rating of 'RR4'.
The rating actions follow the announcement of a new EUR1.75 billion
facility due in 2031, with the majority of cash to be upstreamed to
be used to consolidate CVC's ownership stake from 56% to 70%.
The IDR reflects Mehilainen's robust operations with sustained
positive free cash flow (FCF) balancing tight credit metrics,
whereby Fitch estimates its initially reduced leverage headroom in
2024 will be restored. The Stable Outlook reflects its assumptions
of sustained profitability recovery and considers Mehilainen's
defensive business profile.
KEY RATING DRIVERS
New Debt Recovery Prospects: The higher announced term loan amount
and the increase in the revolving credit facility (RCF) result in
lower recovery prospects for the new debt, leading to an expected
senior secured rating of 'B(EXP)', in line with Mehilainen's IDR.
The current term loan is rated 'B+', one notch above the IDR.
Adequate Leverage Headroom: The revised Fitch case now assumes that
Mehilainen's EBITDAR leverage will peak in 2024 at 7.0x, before
gradually improving to 6.2x in 2027, which is appropriate for the
'B' IDR. A smooth deleveraging path is contingent on sustained
improvement in profitability and efficient integration of acquired
businesses. Execution risk is mitigated by Mehilainen's strong
record of M&A.
The transaction does not change its assessment of Mehilainen's
financial policy, taking into account that the proceeds exceeding
currently outstanding debt will be used exclusively for buyout of
minority and management stakes, and Fitch does not assume that this
transaction will be recurring.
Coverage Remains Tight: Fitch expects Mehilainen's interest
expenses to grow to EUR120 million-EUR130 million a year in
2024-2025 from around EUR70 million in 2023. Coupled with
Fitch-calculated leases at 6.5%-7% of revenues, this results in the
forecast fixed charge cover ratio remaining slightly above 1.5x. In
conjunction with reduced leverage headroom, this will leave less
scope for operating underperformance under the new capital
structure.
Strong 2024 Performance: Fitch has revised its forecast to reflect
an improved profitability trend and more aggressive M&A pipeline.
Fitch forecasts 2024-2025 revenue growth at the group level at low
double-digits. Fitch revised its operating profitability forecast
to reflect margin recovery, predominantly driven by price
increases.
Robust FCF Generation: Mehilainen has maintained positive FCF,
which Fitch expects to continue at around a 3%-5% margin averaging
around EUR70 million to 2027 after investments in greenfield units.
This will be supported by resilient operating profitability and
relatively low capex for the sector at 2.5%-3% of revenue. Fitch
expects the company to reinvest most of its FCF in
earnings-accretive M&As. Fitch has revised its annual acquisition
assumption up to an average EUR120 million from EUR75 million, as
Fitch assumes the company may be more acquisitive after the
completion of the announced transaction.
Growth Strategy Outside Home Market: Mehilainen has shifted its
strategy from consolidation in its home market to expansion in new
geographies to increase long-term growth opportunities. Germany and
Sweden are the key geographies for Mehilainen's expansion, with
different regulatory regimes offering freedom of choice to
patients. The record of successful M&A completion and their
estimated low contribution to revenues and earnings in the medium
term suggests moderate execution risk around the strategy.
Fitch views increased geographical diversification as positive for
the rating in the long term as it reduces Mehilainen's exposure to
increasing regulatory scrutiny in Finland. Fitch notes that
presence in new markets only becomes economically reasonable with
meaningful scale.
Diversified Defensive Operations: As a social infrastructure asset,
Mehilainen benefits from stable and steadily growing demand across
its diversified services. Its strong position in the Finnish
private healthcare and social care markets with reasonable scale
supports its ability to maintain operating and cash-flow
profitability amid regulatory changes. With regulatory staffing
requirements evolving in Finland, Mehilainen is actively managing
staff costs at a lower and more predictable level by educating and
hiring medical workers from low labour cost regions outside the
company's home market.
DERIVATION SUMMARY
Unlike most Fitch-rated private healthcare service providers with a
narrow focus on either healthcare or social care services,
Mehilainen is an integrated service provider with diversified
operations across both markets. It has a meaningful presence in
each type of service in Finland, making its business model more
resilient to weaknesses in individual service lines. Mehilainen
also benefits from a stable regulatory framework, which encourages
competition from private healthcare providers, although it has led
to some margin pressures particularly in 2022, with higher
staff-to-patient requirements.
Mehilainen's financial leverage is balanced by adequate operating
profitability and positive cash flow generation given its
asset-light business model with low capital intensity.
Mehilainen and French private hospital operator Almaviva
Development's (B/Stable) ratings reflect their strong national
market positions, reliance on stable regulation within a single
geography, albeit limiting the scope for profitability improvement,
low single-digit FCF margins, moderate to high leverage of
5.0x-7.0x and M&A-driven growth strategies.
KEY ASSUMPTIONS
- Revenue growth of around 10% in 2024-2025 driven by mid-single
digit organic growth (includes higher prices) as well as bolt-on
M&A; annual revenue growth of 5%-6% thereafter
- EBITDA margin (Fitch-defined, excluding IFRS 16 adjustments) to
stabilise around 13.6% from 2024 onwards
- Capex averaging 2.5%-2.8% of revenue.
- Small working capital cash outflows of around EUR5 million-EUR10
million per year
- Ongoing business restructuring and optimisation changes included
in FFO as recurring business costs.
- Bolt-on acquisition spending averaging EUR120 million a year in
2024-2027.
- No shareholder distributions other than EUR500 million upstream
in 2024 as part of the proposed recapitalisation.
RECOVERY ANALYSIS
The recovery analysis assumes that Mehilainen would be reorganised
as a going concern (GC) in bankruptcy rather than liquidated. Fitch
estimates post-restructuring GC EBITDA at around EUR150 million,
which includes the benefits of the 2024 M&A pipeline. Fitch views
this level of EBITDA as appropriate for the company to remain a GC,
reflecting possible corrective restructuring measures
post-distress.
Fitch continues to apply a distressed enterprise value/EBITDA
multiple of 6.5x, implying a premium of 0.5x over the sector
median, reflecting Mehilainen's stable regulatory regime for
private-service providers in Finland, a well-funded national
healthcare system and the company's strong market position across
diversified service lines with inherently profitable and cash
generative operations.
The allocation of value in the liability waterfall results in a
Recovery Rating of 'RR4' for the new senior secured TLB of EUR1,750
million, indicating a 'B' instrument rating with a
waterfall-generated recovery computation of 43% based on current
assumptions. The TLB ranks pari passu with the increased EUR200
million RCF and the new delayed draw term loan of EUR110 million to
support the company's M&A strategy, which Fitch assumes to be fully
drawn prior to distress for analysis purposes.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Successful execution of medium-term strategy leading to a further
increase in scale with EBITDA margins above 13% on a sustained
basis;
- Continued supportive regulatory environment and Finnish
macro-economic factors;
- FCF margins remaining at mid-single-digit levels;
- EBITDAR leverage improving towards 6.0x and EBITDAR fixed charge
cover trending towards 2.0x.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Pressure on profitability, with the EBITDA margin declining
towards 10% on a sustained basis as a result of weakening organic
performance, productivity losses with fewer customer visits, lower
occupancy rates, pressure on costs, or weak integration of
acquisitions;
- Risk to the business model resulting from adverse regulatory
changes to public and private funding in the Finnish healthcare
system, including from the health and social services reform;
- EBITDAR leverage above 7.5x and cash from operations-capex/total
debt falling to low single digits due to operating underperformance
or aggressively funded M&A, or EBITDAR fixed charge cover below
1.5x;
- As a result of the above adverse trends, declining FCF margins to
low single digits.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: Positive forecast FCF in excess of EUR100
million a year and EUR200 million available under the RCF build
comfortable liquidity headroom.
Refinancing Risks Addressed: Pro forma the announced transaction,
Mehilainen will have no meaningful debt maturities until 2031 other
than its fully undrawn RCF that will be extended to 2029.
ISSUER PROFILE
Mehilainen is an integrated provider of primary healthcare and
social care services, operating through 840 medical units across
Finland, Estonia, Sweden and Germany.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG CONSIDERATIONS
Mehilainen Yhtyma Oy has an ESG Relevance Score of '4' for Exposure
to Social Impacts due to the company operating in highly regulated
healthcare and social-care markets, with a dependence on the public
healthcare funding policy, which has a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Mehilainen
Yhtiot Oy
senior secured LT B(EXP) Expected Rating RR4
Mehilainen
Yhtyma Oy LT IDR B Affirmed B
MEHILAINEN YHTYMA: S&P Assigns 'B' Issue Rating on New Term Loan
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S&P Global Ratings assigned its 'B' issue rating to the term loan
proposed by Finnish health and social care services provider
Mehilainen Yhtyma Oy (Mehilainen; B/Stable/--), and issued by its
financing subsidiary Mehilainen Yhtiot Oy.
The transaction comprises a EUR1,750 million first-lien term loan
maturing in July 2031, which ranks at the same seniority as, and
benefits from, the same security package as Mehilainen's existing
outstanding senior secured debt. Additionally, the existing undrawn
EUR150 million revolving credit facility will be upsized to EUR200
million, with an extended maturity to July 2029. The group will put
in place a new EUR110 million delayed drawn term loan, which will
stay undrawn at close.
Mehilainen plans to use the proceeds of the new issuance to
refinance the existing first-lien term loan of EUR1,210 million and
to fund the strong merger and acquisition pipeline, and use EUR500
million to buy back shares from a minority shareholder and
management. As a result, private-equity sponsor CVC's ownership
will increase to about 70% from 56%. The group says it will not
distribute cash to CVC or other shareholders. Mehilainen will also
use the proceeds to cover transaction costs and increase cash on
the balance sheet by about EUR30 million.
The proposed term loan transaction affects the leverage but remains
within the rating headroom and will further improve the group's
debt maturity profile. S&P said, "We view Mehilainen's liquidity as
adequate for the next 12 months. In our view, the group can handle
its working capital requirements, capital expenditure, and interest
payments over the next year. Furthermore, we anticipate it will
maintain sufficient room to meet its covenant test requirements."
S&P said, "Our 2024 base case for Mehilainen includes expected
sales of around EUR2 billion and S&P Global Ratings-adjusted EBITDA
of about EUR400 million, driven by successful materialization of
price increases across all segments, as well as lower than budget
cost inflation in private health care and high operational
efficiency in social care, which supports robust profitability
development.
"We believe the company's performance will remain resilient, but it
will reduce leverage more slowly than previously anticipated. We
now forecast S&P Global Ratings-adjusted (gross) debt to EBITDA of
about 6x, compared with our previous assumption of below 5x. In our
view, Mehilainen will maintain its strong performance in 2024 by
harnessing the rising demand for its services."
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F R A N C E
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ALTICE FRANCE: $2.15BB Bank Debt Trades at 20% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 79.7
cents-on-the-dollar during the week ended Friday, June 28, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $2.15 billion Term loan facility is scheduled to mature on
February 2, 2026. About $546 million of the loan is withdrawn and
outstanding.
Altice France provides wireless telecommunication services. The
Company offers fiber optic network solutions for all type of media.
Altice France serves customers in France.
ALTICE FRANCE: $2.50BB Bank Debt Trades at 23% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 77.3
cents-on-the-dollar during the week ended Friday, June 28, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $2.50 billion Term loan facility is scheduled to mature on
August 14, 2026. About $580 million of the loan is withdrawn and
outstanding.
Altice France provides wireless telecommunication services. The
Company offers fiber optic network solutions for all type of media.
Altice France serves customers in France.
ALTICE FRANCE: $4.28BB Bank Debt Trades at 26% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 73.6
cents-on-the-dollar during the week ended Friday, June 28, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $4.28 billion Term loan facility is scheduled to mature on
August 31, 2028. About $4.24 billion of the loan is withdrawn and
outstanding.
Altice France provides wireless telecommunication services. The
Company offers fiber optic network solutions for all type of media.
Altice France serves customers in France.
CELESTE: Placed Into Compulsory Liquidation
-------------------------------------------
Hilka Birns at ch-aviation reports that Celeste, the French
regional startup founded in 2021 but which never operated any
commercial flights, has been placed into compulsory liquidation by
the Brest Commercial Court, its president, Dominique Maguer, has
confirmed to Agence France Presse (AFP).
The company was placed into receivership (procedure de redressement
judiciaire) on March 14, even before commencing commercial flights,
ch-aviation relates.
According to ch-aviation, despite substantial local support and
financial backing from local municipalities, the nascent Breton
airline struggled to secure adequate funding to meet regulatory
requirements for an operating license from the French civil
aviation authority (Direction Generale de l'Aviation Civile -
DGAC).
After entering bankruptcy protection, it continued negotiations
with financiers and commercial partners to reorganise its debt and
continue its activities, but it was unable to launch before its
liquidation was mandated on June 25, ch-aviation discloses.
Celeste received its Air Operator's Certificate (AOC) a year ago,
ch-aviation recounts. It secured EUR500,000 (USD543,000) in
startup support from the city of Brest and acquired its first
CRJ1000ER in November, but its launch was repeatedly postponed due
to delays in obtaining its operating license, ch-aviation states.
By March, Celeste publicly expressed frustration over these
regulatory delays, warning of potential job losses, halted economic
growth, and a loss of local market share if it couldn't commence
operations soon, ch-aviation notes.
SECHE ENVIRONNEMENT: S&P Affirms BB ICR & Alters Outlook to Stable
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S&P Global Ratings revised its outlook on Seche Environnement S.A.
(Seche) to stable from positive and affirmed its 'BB' long-term
issuer credit rating, as well as the 'BB' issue rating on its
senior unsecured bond, with the recovery rating on the debt
unchanged at '3', indicating its expectation of about 55% recovery
in the event of default.
The stable outlook indicates S&P's expectation that the debt-funded
acquisition of ECO will drive up S&P Global Ratings-adjusted debt
to EBITDA to above 4x and FFO to debt below 20% over the next 18
months.
ECO is the number one hazardous waste treatment player in
Singapore. With revenue of Singaporean dollar (SGD) 96 million
(EUR66 million) and company-adjusted EBITDA of SGD41 million (EUR27
million; 43% margin), ECO is the leading hazardous waste treatment
company in Singapore. Its market share is estimated at 32%, far
ahead the closest competitor, which is less than a third of the
size. Moreover, its expected treatment capacity of 649 thousand
metric tons in 2024 is more than 10 times larger than that of the
next player in this market. S&P also sees positively ECO's
offering, which covers the entire waste treatment value chain from
collection to different methods of treatment, including
waste-to-energy and recycling.
S&P said, "In our view, ECO's dominating market share--combined
with its complete offering, very high barriers to entry because of
the hazardous nature of the waste, and technical knowledge
required--explain its above-industry average profitability. In
addition, we consider positively its balanced end-sector exposure
to chemicals (27% of 2023 revenue) followed by pharmaceuticals
(26%), energy (25%), semiconductor (12%), and others (10%). We also
note the superior dynamism of the Singaporean economy compared to
Europe, which should support ECO's growth in coming years.
"The upward revision of our business risk profile to satisfactory
encompasses our view that the ECO acquisition will strengthen
Seche's performance, as well as the underlying resilience of the
group's operations in recent years. ECO is smaller than Seche on a
stand-alone basis; it will only add about 6% to the group revenue
and 12% to company adjusted EBITDA. However, the acquisition of ECO
will allow Seche to enter the Asian market and further reduces its
exposure to France, to 69% of revenue from 74% previously. In
addition, ECO's EBITDA margins are significantly above Seche's on a
stand-alone basis and will drive an improvement of about 100 basis
points on a combined basis.
"We also expect ECO to improve Seche's cash conversion rates, given
that the expansionary capital expenditure (capex) program of about
EUR70 million is expected to end in 2024 with the commissioning of
an incineration plant with 220,000 metric tons of capacity and a
sludge incineration plant with a capacity of 219,000 metric tons.
These will bolster revenue growth and further enhance EBITDA
margins. Furthermore, we see integration risk as very limited,
given that Seche has not previously operated in Singapore and no
direct synergies exist. However, we consider that Seche could
benefit from the exchange of best practices and technologies with
ECO.
"Furthermore, Seche has demonstrated its underlying business
resilience against major macroeconomic shocks since 2020, by
expanding organically, yielding broadly stable margins and
generating positive free operating cash flow (FOCF)."
The transaction is expected to be ultimately financed by a mix of
debt and equity or quasi-equity. Seche will finance the enterprise
value consideration and transaction fees through a sum of EUR450
million underwritten by BNP Paribas. S&P said, "We expect the
bridge loan to be refinanced by September with an equity or
non-common equity injection and a bond issuance. We view positively
that the expected equity injection or non-common equity injection
(which we assume will meet our criteria to receive equity
treatment) will come from the Singaporean bidco level of a local
partner, since it will allow Seche to contain the leverage increase
and gain local insights on the market."
The debt-funded acquisition will weaken Seche's credit metrics. The
additional debt and higher cash interest paid (on a 12-month basis)
lead us to forecast that S&P Global Ratings-adjusted debt to EBITDA
will peak at 4.7x by year-end 2024 before declining to 4.0x by
year-end 2025. S&P said, "We expect FFO to debt will decline to 17%
in 2024 before recovering to 19% in 2025. We nevertheless
anticipate that FOCF generation will remain strong at EUR62 million
in 2024 and EUR88 million in 2025 and that FFO cash interest
coverage will remain comfortably above 6x."
S&P said, "The stable outlook indicates our expectation that the
debt-funded acquisition of ECO will drive up S&P Global
Ratings-adjusted debt to EBITDA to above 4x and FFO to debt below
20% over the next 18 months.
"We could take a negative rating action if S&P Global
Ratings-adjusted debt to EBITDA increased above 4.5x and FFO to
debt fell below 16%, both on a sustained basis. This could result
from a more-aggressive-than-expected capital structure to fund the
acquisition of ECO, difficulties in integrating ECO, economic
headwinds, or operational missteps. It could also be the
consequence of other sizable debt-funded acquisitions, or
shareholder returns that kept leverage high.
"We could raise the rating if Seche reduces S&P Global
Ratings-adjusted debt to EBITDA below 4x and increases FFO to debt
above 20%. An upgrade would hinge on our being certain that the
financial policy would sustainably support these credit metrics."
A positive rating action would also depend on an improvement in
Seche's S&P Global Ratings-adjusted EBITDA margins and underlying
cash flow generation.
This would likely result from the successful integration of ECO and
continually solid performance in Seche's other markets, spurring
positive organic growth.
S&P said, "ESG factors have no material influence on our credit
rating analysis of Seche. Increasingly stringent European
regulation pushes toward more recycling, which benefits Seche's
activity. However, Seche is also exposed to the landfilling and
incineration methods of treatment; both of these should see a
decline in demand--landfilling in short term and incineration in
the medium-to-long term. We see the impact of governance factors on
the rating as neutral. Despite being a family-owned company -- with
founder Joel Seche acting as chairman of the board and his son
running the company as CEO -- Seche is listed, and we have not
identified any governance deficiencies."
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G E R M A N Y
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CECONOMY AG: Fitch Assigns 'BB(EXP)' Rating on EUR500MM Bonds
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Fitch Ratings has assigned Ceconomy AG's (BB/Stable) EUR500 million
prospective bonds an expected long-term rating of 'BB(EXP)' with a
Recovery Rating of 'RR4'. The proceeds will be used to fully repay
its June 2026 bond of equal amount. Fitch will assign a final
rating to the issue on receipt of final documentation conforming to
information already received.
Ceconomy's IDR reflects continued satisfactory trading performance
in 1H24, after a profit recovery in FY23 (year-end September) from
a very weak FY22, and improved working capital position despite
challenging trading conditions, particularly in its core markets of
Germany and Italy. It also reflects its expectation that, after its
leverage peaked in FY22 at a level that was inconsistent with the
rating, its return to positive cash flow generation in FY23 is
sustainable and will support gradual deleveraging.
The rating also reflects Ceconomy's large-scale, well-diversified
product offering, omnichannel capabilities and a pan-European
footprint with operations in a competitive market. Rating
constrains are low operating margins, a history of volatile free
cash flows (FCF) and tight interest cover metrics. The Stable
Outlook reflects its view that it should restore its EBITDA margin
towards 2.5% in FY24-FY25 and reduce its EBITDAR net leverage to
below 4.0x in FY24.
KEY RATING DRIVERS
Improved Maturities Post-refinancing: The proposed EUR500 million
notes will push medium-term bond maturities to 2029, after its
proceeds are used to repay the EUR500 million bonds due in June
2026. Fitch views the transaction as opportunistic refinancing.
However, the potentially higher interest burden will delay the
recovery of the weak EBITDAR fixed-charge cover of 1.6x in FY23.
Recovery from Low Profitability: Ceconomy operates in a largely
commoditised mass market of appliances and consumer-electronics
retailing, which is exposed to intense competition, limited
customer loyalty and increasing online market penetration.
After falling to below 2% in FY22, Fitch expects the company's
EBITDA margin to continue its recovery towards 2.5% by FY25. Fitch
forecasts EBITDA to rise towards EUR600 million by FY25 from a low
of EUR368 million in FY22 (FY23: EUR465 million). This is being
aided by cost-efficiency measures, product mix initiatives that
include increasing contribution of its services and solutions
business, as well as, post-FY24, improvement of demand in its core
market as consumer confidence recovers.
Leading European Consumer-Electronics Retailer: Ceconomy is the
largest consumer-electronics retailer in Europe, but Fitch places
its business profile at between the 'BBB' and 'BB' categories due
to the challenges of operating in a fiercely competitive and
volatile market. Ceconomy benefits from its strong brand name,
sizeable operations with a pan-European footprint, and
well-diversified product offering with adequate omnichannel
capabilities as underlined by its online sales at 23% of total
sales in FY23. However, trading performance is predominantly driven
by its core market of Germany.
Resilience to Macro-economic Challenges: Ceconomy's geographic
diversification defended its revenues in FY23 against weak sales in
Germany, where consumers were tightening spending on major
non-discretionary items, with the strength of the Turkish market.
For FY24, Fitch expects spending on electronics and appliances to
remain subdued in Europe, but resuming replacement cycles for small
appliances and phones plus innovation in personal computers and
other items should start to lift demand over FY25-FY26.
FCF Recovery; Working Capital Stabilising: Following a partial
normalisation of trade working capital (TWC), which reversed some
of the heavy outflows of close to EUR800 million suffered in
FY21-FY22, Fitch expects more neutral effects on cash flow from TWC
over FY24-FY26. In terms of capex, while store-related investments
remain subdued and store portfolio growth ambitions are limited,
Ceconomy is investing in redesigning its logistics model and
higher-than-historical cash requirements should be adequately
covered by own generated cash flow.
As a result, Fitch overall projects that, barring a resumption of
dividend payments, which management has ruled out until it has
delivered on its strategic plan in FY26, Ceconomy should be able to
lift pre-dividend FCF to EUR150 million-EUR200 million per annum
from FY25.
Execution Risks: Ceconomy is shifting from largely relying on
third-party distributors and stocking products in the warehouses of
each of its stores, to a model with one large nationwide hub,
complemented by smaller regional ones. Fitch sees this
transformation as carrying some execution risks due to the
magnitude of its scope but believe that, once complete, it will
lead to more agile management of inventories, enabling it to
operate with lower stocks and, once the automation project is also
completely implemented, to a reduction of operating costs.
Leverage Recovery in FY23: The weak FY22 performance, and two years
of inflated WC, led to a sharp increase in EBITDAR net leverage to
4.7x, before it fell in FY23, closer to the maximum 4.0x that is
commensurate with the rating. Fitch sees scope for further
improvements in FY24 and thereafter.
Lease Adjustments to Leverage: Ceconomy's pure financial debt
leverage is low, when capitalised leases contributing most to its
lease-adjusted credit metrics are excluded. However, in its rating
analysis of non-food retailers, whose business models rely on a
store network, Fitch assesses and compare financial risk profiles
using lease-adjusted leverage metrics, which place Ceconomy's
financial structure score in the mid-to-low end of the 'BB' rating
category.
Tight Fixed Charge Cover: Fitch sees weak EBITDAR fixed charge
cover remaining below 2.0x, which corresponds to a low 'b' score.
This is balanced by its actively-managed leased store network,
mitigating the impact of inflation indexation, and leading to
broadly flat lease payments in combination with modest cash debt
service. However, tightening fixed charge cover ratios would signal
less effective property management and could put ratings under
pressure.
Adequately Managed Property Portfolio: Fitch recognises Ceconomy's
active management of its operating leases, which provides financial
flexibility, given the short-term nature of leases (average
remaining lease is less than three years versus sector peers of
around eight-10 years) as well as the inclusion of early
termination clauses, usually linked to store-based profitability
metrics. Fitch uses a lower estimated 7x lease multiple (standard
lease multiple is 8x) when computing Ceconomy's lease- adjusted
debt metrics to reflect the roughly one third proportion of its
turnover-based leases.
DERIVATION SUMMARY
Ceconomy's 'BB'/Stable combines the 'BBB' traits of its sizeable
operations, market position and product offering, with 'B' levels
of operating profitability and credit metrics. Fitch also regards
as a rating constraint the highly commoditised consumer electronics
markets in which Ceconomy operates, with exposure to demand
volatility and growing competing online penetration. Fitch
consequently views Ceconomy's credit profile as being in line with
that of the consumer electronics retail sub-sector.
Ceconomy's closest Fitch-rated peer is FNAC Darty (BB+/Stable).
FNAC has smaller scale but it enjoys superior profitability driven
by its stronger focus on premium segments, editorial products and
subscription services, and a demonstrated ability to pass on price
increases and protect margins. Together with a lower projected
EBITDAR net leverage of 3.0x in 2025, this is underlined in their
one-notch rating differential.
Compared with wider non-food retail peers including Marks and
Spencer Group plc (M&S) and Kingfisher plc (BBB/Stable), Ceconomy
enjoys similarly strong positions in its respective markets,
combined with scale and good diversification. Fitch takes a
positive view of Ceconomy's conservative financial policy and
well-managed leased property portfolio, although this is offset by
considerably lower profitability versus M&S's and Kingfisher's.
Relative to Spanish department store El Corte Ingles S.A. (ECI,
BBB-/Stable), Ceconomy is larger in scale, more geographically
diversified (ECI generates 95% of sales in Spain) and better
positioned in its online service offering. ECI however has a more
premium service offering, with prime-city store locations and
customer loyalty, as well as higher own-brand sales, which
translate into higher profitability than Ceconomy (5.7% for ECI
versus around 2.0% for Ceconomy) and more stable demand, a more
conservative EBITDAR leverage of below 3.0x and a fully-owned store
base.
Compared with another direct peer in the consumer-electronics
space, UK retailer Currys plc, Ceconomy is around 2x-3x the scale
in absolute sales, reflecting operations across multiple European
countries. Gross profit and EBITDA margins are similar to Currys'
at around 17%-18% and 2%-3%, respectively.
KEY ASSUMPTIONS
- Around 1% average annual sales growth over FY24-FY26, from
reported EUR22.2 billion in FY23
- Fitch-defined EBITDA margin to improve to 2.2% in FY24 (FY23:
2.1%) and gradually expanding to around 2.5% in FY26-FY27
- Leases at 2.3%-2.4% of sales p.a. to FY26
- TWC stable in FY24 with a marginally positive cash impact over
FY25-FY27
- Capex at around EUR300 million p.a., corresponding to around 1.3%
of sales to FY27
- No dividend payments over FY24-FY25; EUR100 million a year from
FY26
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Improved profitability and like-for-like sales, for example due
to a strengthened competitive position or an improved business mix,
with Fitch-defined EBITDA margin sustained above 2.5%
- EBITDAR net leverage consistently below 3.5x
- EBITDAR fixed-charge cover above 1.8x
- Neutral to marginally positive FCF generation and improved cash
flow conversion leading to lower year-on-year trade WC volatility
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Decline in profitability and like-for-like sales, for example,
due to increased competition or a poor business mix, with EBITDA
margin remaining below 2%
- EBITDAR fixed charge cover below 1.6x
- EBITDAR net leverage above 4.0x on a sustained basis
- Mostly negative FCF
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Excluding the refinancing, Fitch estimates
Ceconomy's readily available cash balance to gradually grow from
FYE23's EUR897 million, which is adequate for its limited debt
service requirements in the absence of material contractual debt
maturities until FY26. Fitch projects low single-digit FCF margins
leading to a FY25 cash balance of above EUR1 billion, closer to its
historical average.
Manageable Short-Term Financing Needs: Ceconomy has access to an
undrawn committed revolving credit facility (RCF) of EUR1.1 billion
maturing in May 2026, as well as a EUR500 million commercial paper
programme to support short-term financing needs (EUR35 million
utilised as of March 2024) even though Fitch does not include the
latter in its liquidity calculation.
Fitch does not restrict the cash balance for WC purposes, as Fitch
views its cash position in the fourth quarter of its financial year
as a fair representation of the average annual level, despite large
WC swings during the year, particularly around the first and third
quarters. Its assessment considers that the favourable WC swing
between the fourth and first quarters tends to be larger than the
cash-absorbing WC swing between the third and fourth quarters.
DATE OF RELEVANT COMMITTEE
23 November 2023
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery
----------- ------ --------
Ceconomy AG
senior unsecured LT BB(EXP) Expected Rating RR4
=============
I R E L A N D
=============
MARGAY CLO II: Fitch Assigns 'B-sf' Final Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Margay CLO II DAC final ratings.
Entity/Debt Rating
----------- ------
Margay CLO II DAC
A XS2820458425 LT AAAsf New Rating
A-1 Loan LT AAAsf New Rating
A-2 Loan LT AAAsf New Rating
B XS2820458771 LT AAsf New Rating
C XS2820458938 LT Asf New Rating
D XS2820459159 LT BBB-sf New Rating
E XS2820459316 LT BB-sf New Rating
F XS2820459589 LT B-sf New Rating
Subordinated Notes
XS2820459662 LT NRsf New Rating
TRANSACTION SUMMARY
Margay CLO II DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to purchase a portfolio with a target par of EUR400
million.
The portfolio is actively managed by M&G Investment Management
Limited. The CLO has a reinvestment period of 4.6 years and an
8.5-year weighted average life (WAL) test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 23.6.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.7%.
Diversified Portfolio (Positive): The transaction includes four
Fitch matrices: two effective at closing and corresponding to a top
10 obligor concentration limit at 20%, fixed-rate asset limits at
5% and 12.5% and an 8.5 year WAL test; and two that can be selected
by the manager at any time from one year after closing as long as
the aggregate collateral balance (including defaulted obligations
at their Fitch-calculated collateral value) is at least at the
target par and corresponding to the same limits as the closing
matrices, but with a 7.5 year WAL test.
The transaction also includes various concentration limits,
including the maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Positive): The WAL used for the transaction's
stressed portfolio analysis was 12 months less than the WAL test
covenant to account for the strict reinvestment conditions
envisaged after the reinvestment period. These include passing the
coverage tests, Fitch WARF and Fitch 'CCC' bucket limitation,
together with a gradually decreasing WAL covenant. In Fitch's
opinion, these conditions reduce the effective risk horizon of the
portfolio during stress periods.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the notes.
Based on the actual portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
class C and F notes show a rating cushion of three notches, the
class B, D and E notes two notches and the class A notes display no
rating cushion.
Should the cushion between the identified portfolio and the stress
portfolio be eroded either due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of up to four notches
for the class A, B, C, and D notes, up to five notches for the
class E and F notes, and to below 'B-sf' for the class F notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's Stress Portfolio
would lead to upgrades of up to three notches for the notes, except
for the 'AAAsf' rated notes, which are at the highest level on
Fitch's scale and cannot be upgraded.
During the reinvestment period, based on Fitch's Stress Portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, leading to the ability of the
notes to withstand larger than expected losses for the remaining
life of the transaction.
After the end of the reinvestment period, upgrades may occur in
case of stable portfolio credit quality and deleveraging, leading
to higher credit enhancement and excess spread available to cover
for losses on the remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Margay CLO II DAC
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Fitch does not provide ESG relevance scores for Margay CLO II DAC.
In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.
RRE 12 LOAN: Fitch Assigns 'BB-sf' Final Rating on Class D-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned RRE 12 Loan Management DAC refinancing
notes final ratings and affirmed its non-refinanced notes, as
detailed below.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
RRE 12 Loan
Management DAC
A-1 XS2480045256 LT AAAsf Affirmed AAAsf
A-2A XS2480045843 LT AAsf Affirmed AAsf
A-2B XS248004657 LT AAsf Affirmed AAsf
B XS2480047112 LT PIFsf Paid In Full Asf
B-R XS2835787800 LT Asf New Rating A(EXP)sf
C-1 XS2480047898 LT PIFsf Paid In Full BBBsf
C-1-R XS2835875761 LT BBBsf New Rating BBB(EXP)sf
C-2 XS2480048516 LT PIFsf Paid In Full BBB-sf
C-2-R XS2835877205 LT BBB-sf New Rating BBB-(EXP)sf
D XS2480049167 LT PIFsf Paid In Full BB-sf
D-R XS2835877460 LT BB-sf New Rating BB-(EXP)sf
TRANSACTION SUMMARY
RRE 12 Loan Management DAC is a securitisation of mainly senior
secured obligations (at least 92.5%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. The
portfolio is actively managed by Redding Ridge Asset Management
(UK) LLP. The collateralised loan obligation (CLO) exits its
reinvestment period in July 2027, with a remaining weighted average
life (WAL) of seven and a quarter-years.
At the closing of the refinance, the class B-R, C-1-R, C-2-R, and
D-R notes were issued at reduced margins and different sizes, and
the proceeds used to refinance the existing notes. The class A-1,
A-2A, A-2B, and the subordinated notes were not refinanced.
KEY RATING DRIVERS
'B'/'B-' Portfolio Credit Quality: Fitch places the average credit
quality of obligors at 'B'/'B-'. The Fitch-calculated weighted
average rating factor (WARF) of the current portfolio is 24.7.
High Recovery Expectations: At least 92.5% of the portfolio
comprises senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch-calculated weighted
average recovery rate (WARR) of the current portfolio is 62.4%.
Diversified Asset Portfolio: In conjunction with the refinancing,
the Fitch test matrix has been updated. This matrix has a
fixed-rate asset limit at 10% of the portfolio balance, a WAL limit
of seven years and a top 10 obligor concentration limit of 20%. The
transaction also includes limits on the Fitch-defined largest
industry at a covenanted maximum 17.5% and the three largest
industries at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.
Stable Performance: Since the transaction's last review in February
2024, performance has been stable with the WARF remaining at around
24.5, as reported by the trustee. The portfolio is currently 0.72%
above par. The transaction is passing its portfolio profile test,
collateral quality test and coverage test.
Deviation from MIR: The class A-2A and A-2B notes are one notch
below their model-implied ratings (MIR), while all other classes
are in line with their MIRs. This deviation is driven by the fairly
long time remaining until the transaction's exit from its
reinvestment period. The Positive Outlook on the class A-2A and
A-2B notes reflect the positive transaction performance.
Transaction Inside Reinvestment Period: The transaction is within
its reinvestment period, during which the manager can reinvest
principal proceeds and sale proceeds subject to compliance with the
reinvestment criteria. Given the manager's ability to reinvest,
Fitch's analysis is based on a stressed portfolio and tested the
notes' achievable ratings across the updated Fitch test matrix,
since the portfolio can still migrate to different collateral
quality tests.
Cash Flow Analysis: The WAL used for the transaction's
Fitch-stressed portfolio and matrix analysis is 12 months less than
the WAL covenant to account for structural and reinvestment
conditions post-reinvestment period, including the
over-collateralisation and Fitch's 'CCC' limitation tests, among
others. Combined with loan pre-payment expectations, this
ultimately reduces the maximum risk horizon of the portfolio.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would have no impact on the class A-1, A-2
and D-R notes, and would lead to a downgrade of no more than one
notch to class B-1-R to C-2-R notes
Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics of the current portfolio than the Fitch-stressed
portfolio the notes have a rating cushion to a downgrade of up to
three notches.
Should the cushion between the current portfolio and the
Fitch-stressed portfolio erode due to manager trading
post-reinvestment period or negative portfolio credit migration, a
25% increase of the mean RDR across all ratings and a 25% decrease
of the RRR across all ratings of the Fitch-stressed portfolio would
result in downgrades of up to four notches for the existing and
refinanced notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolios would lead to upgrades of no more than two notches for
the class A-2 to C-2-R notes and five notches for the class D-R
notes.
After the end of the reinvestment period, upgrades may result from
stable portfolio credit quality and deleveraging, leading to higher
credit enhancement and excess spread available to cover losses in
the remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Fitch does not provide ESG relevance scores for RRE 12 Loan
Management DAC. In cases where Fitch does not provide ESG relevance
scores in connection with the credit rating of a transaction,
programme, instrument or issuer, Fitch will disclose in the key
rating drivers any ESG factor which has a significant impact on the
rating on an individual basis.
RRE 12 LOAN: S&P Assigns BB-(sf) Rating on Class C-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 12 Loan
Management DAC's class B-R, C-1-R, C-2-R, and D-R notes. At the
same time, S&P affirmed its ratings on the class A-1, A-2A, and
A-2B notes and withdrew its ratings on the existing class B, C-1,
C-2, and D notes.
On June 24, 2024, the issuer refinanced the original class B, C-1,
C-2, and D notes by issuing replacement notes.
The replacement notes are largely subject to the same terms and
conditions as the original notes, except that the replacement notes
have a lower spread over Euro Interbank Offered Rate than the
original notes.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
CURRENT
S&P weighted-average rating factor 2,767.64
Default rate dispersion 511.98
Weighted-average life (years) 4.34
Obligor diversity measure 112.29
Industry diversity measure 18.85
Regional diversity measure 1.26
Transaction key metrics
CURRENT
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 0.38
Actual 'AAA' weighted-average recovery (%) 37.23
Actual weighted-average spread (net of floors; %) 3.91
Actual weighted-average coupon (%) 3.31
Rating rationale
Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.
The portfolio's reinvestment period will end in July 2027.
The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.
S&P said, "In our cash flow analysis, we used a EUR450 million
target par collateral principal amount, the portfolio's actual
weighted-average spread (3.91%), actual weighted-average coupon
(3.31%), and actual weighted-average recovery rates at each rating
level.
"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category."
Elavon Financial Services DAC is the bank account provider and
custodian. The transaction's documented counterparty replacement
and remedy mechanisms adequately mitigate its exposure to
counterparty risk under its current counterparty criteria.
S&P said, "Under our structured finance sovereign risk criteria, we
consider that the transaction's exposure to country risk is
sufficiently mitigated at the assigned ratings.
"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-2A, A-2B, B-R, C-1-R, C-2-R, and
D-R notes could withstand stresses commensurate with higher ratings
than those assigned. However, as the CLO is still in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we capped our assigned ratings on these
refinanced notes.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the A-1,
A-2A, A-2B, B-R, C-1-R, C-2-R, and D-R notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to D-R
notes based on four hypothetical scenarios.
The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by Redding Ridge Asset
Management (UK) LLP.
Environmental, social, and governance
S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector. Primarily due to the diversity of the
assets within CLOs, the exposure to environmental and social credit
factors is viewed as below average, while governance credit factors
are average."
The transaction documents prohibit assets from being related to the
following industries: controversial weapons, nuclear weapons,
thermal coal, speculative extraction of oil and gas,
tobacco/tobacco related products, opioid manufacturing or
distribution, hazardous chemicals, pornography or prostitution,
non-sustainable palm oil production, tar sands extraction, or
speculative transactions of soft commodities.
Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
S&P's ESG benchmark for the sector, no specific adjustments have
been made in our rating analysis to account for any ESG-related
risks or opportunities.
Ratings
REPLACEMENT ORIGINAL CREDIT
AMOUNT NOTES NOTES ENHANCEMENT
CLASS RATING* (MIL. EUR) INTEREST RATE§ INTEREST RATE (%)
RATINGS ASSIGNED
B-R A (sf) 41.85 3mE + 2.20% 3mE + 3.50% 20.46
C-1-R BBB (sf) 25.75 3mE + 3.00% 3mE + 4.23% 14.73
C-2-R BBB (sf) 6.00 3mE + 4.30% 3mE + 4.33% 13.40
D-R BB- (sf) 12.90 3mE + 5.75% 3mE + 7.90% 10.53
RATINGS AFFIRMED
A-1 AAA (sf) 268.90 3mE + 1.15% 3mE + 1.15% 40.24
A-2A AA (sf) 32.20 3mE + 2.35% 3mE + 2.35% 29.76
A-2B AA (sf) 15.00 3.45% 3.45% 29.76
*The ratings assigned to the class B-R, C-1-R, C-2-R, and D-R notes
address ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to 6mE when a frequency switch event occurs.
3mE--Three-month Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
SUMMERHILL RESIDENTIAL 2024-1: S&P Assigns B Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Summerhill
Residential 2024-1 DAC's class A to G-Dfrd Irish RMBS notes. At
closing, the issuer also issued unrated class Z, R, X1, and X2
notes.
Summerhill Residential 2024-1 is a static RMBS transaction that
securitizes a EUR227 million portfolio of performing and
reperforming owner-occupied and buy-to-let mortgage loans secured
over residential properties in Ireland.
This securitization is a refinancing of Summerhill Residential
2021-1 DAC, which we rated. Summerhill Residential 2021-1 is a
purchased portfolio, which was previously securitized in Shamrock
Residential 2019-1 DAC. Irish Nationwide Building Society, Bank of
Scotland PLC, Bank of Scotland (Ireland) Ltd., Nua Mortgages Ltd.,
and Start Mortgages DAC originated the loans, mostly between 2004
and 2008.
The portfolio cutoff date is as of May 31, 2024. Of the loans in
the pool, 100% pay floating rates of interest and 31.1% are
interest-only or have part and part repayments. Arrears in the
portfolio are increasing, reflecting higher repayments due to
rising interest rates. Arrears exceeding three months are at 33%.
Pepper Finance Corporation (Ireland) DAC, the administrator and
legal title holder, is responsible for day-to-day servicing.
S&P said, "Our rating on the class A notes addresses the timely
payment of interest and the ultimate payment of principal. Our
ratings on the class B-Dfrd to G-Dfrd notes address the ultimate
payment of interest and principal. Our ratings also address timely
receipt of interest on all the rated notes other than the class A
notes when they become the most senior outstanding notes." The
timely payment of interest on the class A notes is supported by the
liquidity reserve fund, which was fully funded at closing to its
required level of 0.50% of the class A notes' closing balance.
Furthermore, the transaction benefits from the ability to use
principal to cover certain senior items.
S&P said, "We considered the transaction's resilience in case of
additional stresses, such as increased defaults, to determine our
forward-looking view. We also considered the notes' ability to
withstand lower and delayed recoveries on defaulted assets.
"The class G-Dfrd notes are unable to withstand the stresses that
we apply at the 'B' rating level under our cash flow analysis.
However, based on cash flow results in a steady state scenario
(applying an actual level of fees and prepayments), and given the
current available credit enhancement, payment of timely interest
when most senior and ultimate principal on the class G-Dfrd notes
is not dependent upon favorable business, financial, and economic
conditions. We therefore assigned a 'B- (sf)' rating to this class
of notes.
"There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote."
Ratings
CLASS RATING* CLASS SIZE (EUR)
A AAA (sf) 147,588,000.00
B-Dfrd AA (sf) 14,758,000.00
C-Dfrd A (sf) 10,217,000.00
D-Dfrd BBB (sf) 5,676,000.00
E-Dfrd BB (sf) 4,541,000.00
F-Dfrd B (sf) 2,838,000.00
G-Dfrd B- (sf) 5,108,000.00
Z-Dfrd NR 36,329,000.00
R-Dfrd NR 5,279,000.00
X1 NR 100,000
X2-Dfrd NR 2,000,000
*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes and the ultimate
payment of interest and principal on the other rated notes. Its
ratings also address timely receipt of interest on all the rated
notes other than class A notes when they become the most senior
outstanding notes.
Dfrd--Deferrable.
NR--Not rated.
=========
I T A L Y
=========
BRIGNOLE CO 2024: Fitch Assigns 'B+sf' Final Rating on Cl. E Notes
------------------------------------------------------------------
Fitch Ratings has assigned Brignole CO 2024 S.r.l. 's asset-backed
securities final ratings as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Brignole CO 2024 S.r.l.
Class A IT0005598351 LT AAsf New Rating AA(EXP)sf
Class B IT0005598369 LT Asf New Rating A(EXP)sf
Class C IT0005598377 LT BBBsf New Rating BBB(EXP)sf
Class D IT0005598385 LT BBsf New Rating BB(EXP)sf
Class E IT0005598393 LT B+sf New Rating B(EXP)sf
Class F IT0005598401 LT NRsf New Rating NR(EXP)sf
Class R IT0005598435 LT NRsf New Rating NR(EXP)sf
Class X1 IT0005598419 LT BB-sf New Rating B(EXP)sf
Class X2 IT0005598427 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
Brignole CO 2024 is a static securitisation of Italian personal
loans originated by Creditis Servizi Finanziari S.p.A. (Creditis),
which is owned by Chenavari Credit Partners LLP via Columbus
HoldCo. The transaction follows the unwinding of the predecessor
Brignole CO 2021 S.r.l. on 24 June 2024, whose portfolio accounts
for around 47% of the Brignole CO 2024 portfolio.
The class E and X1 notes' final ratings are one notch and two
notches, respectively, higher than their expected ratings due to
revised note margins.
KEY RATING DRIVERS
Performance in Line with Peers': Fitch expects a lifetime portfolio
default rate of 3.0% for the banking channel (75% of the portfolio
by current balance), and 6.0% for the direct and agent channel
(25%). This is based on the originator's historical performance,
which is better than that of other Italian peers for the banking
channel and in line with that of peers for the direct and agent
channels. Fitch has assigned a 'AAsf' default multiple of 4.75x to
the portfolio, which takes into account, among other factors, that
recent vintages following the shift in the origination channels
towards direct and agent are performing worse than past vintages.
Sequential Switch Softens Pro Rata: The class A to F notes can
repay pro rata until a sequential redemption event occurs if, among
other events, principal deficiency ledger (PDL) on the portfolio
exceeds certain thresholds. Fitch believes in its expected case the
switch to sequential amortisation is unlikely during the first five
years after closing given the gap between portfolio performance
expectations and defined triggers. The mandatory switch to
sequential pay-down when the outstanding collateral balance falls
below 10% mitigates tail risk.
Payment Interruption Risk Mitigated: At closing the transaction has
a fully funded amortising reserve fund to cover senior fees and
interest shortfalls on the class A to E notes. Its replenishment is
senior to the class A interest payment. Fitch views liquidity
coverage provided by the reserve as adequate in mitigating payment
interruption risk.
Class X1 Sensitive to Performance: The class X1 notes are not
collateralised and the related interest and principal are paid from
available excess spread. The class X1 notes start amortising from
issue date following a scheduled amortisation. Excess spread notes
are typically sensitive to underlying loan performance and
prepayments and cannot achieve a rating higher than 'BB+sf'.
'AAsf' Sovereign Cap: Italian structured finance transactions are
capped at six notches above the rating of Italy (BBB/Stable/F2),
which is the case for the class A notes. The Stable Outlook on the
rated notes reflects that of the sovereign Long-Term Issuer Default
Rating.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The rating of the class A notes is sensitive to changes in Italy's
Long-Term IDR. A downgrade of Italy's IDR and a downward revision
of the 'AAsf' rating cap for Italian structured finance
transactions would trigger a downgrade of the notes.
An unexpected increase in the frequency of defaults or decrease in
the recovery rates would produce larger losses than the base case.
For example, a simultaneous increase in the default base case by
25% and a decrease in the recovery base case by 25% would lead to
downgrades of up to four notches for all the notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of Italy's IDR and an upward revision of the 'AAsf'
rating cap for Italian structured finance transactions could
trigger an upgrade of the class A notes, provided sufficient credit
enhancement is available to withstand stresses at a higher rating.
An unexpected decrease in the frequency of defaults or increase in
the recovery rates would produce smaller losses than the base case.
For example, a simultaneous decrease in the default base case by
25% and an increase in the recovery base case by 25% would lead to
upgrades of up to three notches for all the notes except the class
A notes.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
===================
L U X E M B O U R G
===================
PICARD BONDCO: Fitch Alters Outlook on 'B' LongTerm IDR to Stable
-----------------------------------------------------------------
Fitch Ratings has changed Picard Bondco S.A.'s (Picard) Outlook to
Stable from Negative, while affirming its Long-Term Issuer Default
Rating (IDR) at 'B'. Fitch has also assigned Picard Groupe SAS's
and Lion/Polaris Lux 4 S.A.'s planned new senior secured notes
expected ratings of 'BB-(EXP)' with Recovery Ratings 'RR2'.
The Outlook change reflects its expectation of a material reduction
in leverage in FY25 (ending March 2025) from the announced
refinancing. Proceeds from the EUR1.2 billion issuance, together
with existing cash on balance sheet, will be used to refinance
existing senior secured notes of EUR1.4 billion due in 2026 and
transaction-related expenses. Once completed, Fitch plans to
withdraw the senior secured ratings for the refinanced
instruments.
The revision of the Outlook also reflects its expectation of
recovering profits, leading to a forecast 6.5x EBITDAR gross
leverage in FY26, which is commensurate with the rating. The
issuance also reduces refinancing risk by extending its debt
schedule to July 2027 on a more manageable EUR310 million senior
unsecured notes quantum.
The IDR continues to reflect Picard's leading market position and
premium products in the frozen-food market in France, with steady
sales growth despite challenging market conditions. It also
reflects its ability to protect profitability, which remains very
high versus sector peers', as well as its sound financial
flexibility.
The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.
KEY RATING DRIVERS
Refinancing Reduces Leverage: Fitch estimates FY24 EBITDAR leverage
pro-forma for the refinancing to fall to around 7.3x, from 8.0x
currently, due to the use of cash on balance sheet to repay EUR190
million of debt as part of the transaction. Fitch also forecasts
gross leverage to gradually decrease below 7.0x in FY25 and towards
6.5x by FY26, as profitability recovers and revenues grow in the
low to mid-single digits. This leverage is commensurate with its
'B' rating. Despite its expectation of build-up of a healthy level
of cash over time, Fitch assumes no additional voluntary debt
prepayment in its rating case.
Easing Margin Pressure: Fitch believes the EBITDA margin has
bottomed out in FY24 at 12% and will recover in FY25 towards 13% as
pressure from high energy costs eases and most of its FY25
electricity costs are already hedged. Selective and cautious price
increases aimed at protecting its market share and profitability
demonstrate Picard's ability to retain its gross margin at around
44% despite a difficult consumer environment over FY23-FY24 and
Fitch expects it to remain stable to FY28. Picard's profit margins
are high for the sector, as they are underpinned by its business
model, with revenue largely generated by own-brand products, a
premium offering, and structurally profitable asset-light
expansion.
Steady Sales Growth: Picard has a strong record of steady sales
growth in France, driven by its diversified and frequently renewed
offering in frozen food, which Fitch believes caters to different
consumer needs and occasions, while retaining repeat customers.
This has translated into an average annual like-for-like (lfl)
growth of 1.9% over FY17-FY24, which Fitch expects to continue to
FY28. Fitch also believes Picard is well-positioned to continue
exploiting opportunities roll out new stores where it does not yet
have a physical presence (both directly-operated and franchised),
driving incremental sales.
Historically Opportunistic Financial Policy: Fitch views positively
Picard's plan to use cash to reduce debt and leverage as part of
the latest refinancing. Fitch also understands from management that
their current focus is on deleveraging, and as such Fitch has not
factored in any dividend payments in its rating case. However,
Fitch remains cautious on Picard's financial policy given its
record of shareholder distributions and operating under high
leverage, together with a lack of clearly defined financial
targets. Fitch treats sizeable shareholder distributions as an
event risk that may put the rating under pressure if they exceed
its growing cash balance, which Fitch projects could reach EUR275
million in FY27.
FCF Supports Cash Accumulation: Fitch expects Picard to generate
positive annual free cash flow (FCF) of EUR60 million on average
during FY25-FY28 (around 3% of sales), supported by limited working
capital swings and capex needs. The strong cash flow generation
differentiates Picard from many of its peers in food retail.
Robust Business Model: Picard's leadership in a niche market and a
highly profitable own brand continue to underpin its business
model. The group has shown resilience during the pandemic and in
the recent inflationary environment as its price increases were
only partially offset by a decrease in volumes.
DERIVATION SUMMARY
Picard's overall profile remains weaker than that of larger food
retail peers, such as Bellis Finco plc (ASDA; B+/Positive) or
Market Holdco 3 limited (Morrisons; B/Positive), due to its smaller
scale and weaker diversification in non-food products and services.
Picard is also smaller in sales than UK frozen food specialist WD
FF Limited (Iceland; B/Stable), but its materially stronger
profitability leads to an equivalent level of EBITDAR.
Picard's gross leverage remains modestly higher than its peers' but
Fitch expects deleveraging to gross debt at 6.8x EBITDAR in FY25,
versus 6.4x in March 2025 for Iceland, under 6x in FY25 (year-end
October) for Morrisons and at around 5x by end-2024 for ASDA.
However, Picard enjoys strong brand awareness and customer loyalty,
which is key for its positioning as a market leader in the French
frozen food retail sector. Picard also has high profitability, due
to its unique business model mostly based on own-brand products and
a premium positioning. This makes it comparable with food
manufacturers, rather than with its immediate food retailing peers.
This differentiating factor results in superior cash flow
generation that supports Picard's financial flexibility and
satisfactory liquidity.
KEY ASSUMPTIONS
- Revenue growth of 3.0% in FY25, driven equally by lfl growth and
store expansion and franchisee growth
- Revenue growth in FY26-FY28 of 3.6% on average, with a slightly
higher contribution from expected store and franchises expansions
- EBITDA margin increasing to 13.0% in FY25 (FY24: 12.0%) as energy
cost normalises, trending back towards pre-pandemic levels by FY27
at 13.4%
- Capex averaging 3.1% of revenue over FY25-FY28
- Neutral working capital movements in FY25-FY28
RECOVERY ANALYSIS
Fitch assumes that Picard would be considered a going concern (GC)
in bankruptcy and that it would be reorganised rather than
liquidated. Fitch has assumed a 10% administrative claim in the
recovery analysis.
In its bespoke GC recovery analysis Fitch estimates
post-restructuring EBITDA available to creditors of about EUR180
million, unchanged from its previous analysis.
Fitch also assumes a fully drawn EUR60 million revolving credit
facility (RCF).
Fitch has maintained a distressed enterprise value/EBITDA multiple
at 6.0x, which reflects Picard's structurally cash-generative
business operations, despite its small scale.
Its waterfall analysis generates a ranked recovery for Picard's
planned EUR1.2 billion senior secured notes in the 'RR2' category,
resulting in a 'BB-(EXP)' rating with a waterfall generated
recovery computation (WGRC) of 74%, which is up from 'B+'/
'RR3'/65% on the currently outstanding EUR1.4 billion senior
secured notes, due to expected lower debt quantum post-refinancing.
The Recovery Rating of its EUR310 million senior unsecured notes
remains 'RR6', with a rating of 'CCC+' and a WGRC of 0%.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to a
Positive Rating Action/Upgrade:
- Continuation of solid operating performance, for example,
reflected in lfl revenue growth and growing EBITDA with strong FCF
margins in mid-single digits
- EBITDAR leverage below 5.5x on a sustained basis, driven mostly
by debt prepayments, reflecting a commitment to more conservative
capital allocation
- Operating EBITDAR fixed-charge coverage above 2x on a sustained
basis
Factors that Could, Individually or Collectively, Lead to a
Negative Rating Action/Downgrade:
- Deteriorating competitive position or sustained erosion in lfl
sales growth, EBITDA and FCF margin, due, for instance, to
inability to manage cost inflation, leading to inability to
deleverage
- Subdued operating performance or material dividend distributions
leading to EBITDAR leverage remaining above 7.0x for a prolonged
period
- Diminished financial flexibility, due to lost financial
discipline, reduced liquidity headroom or operating EBITDAR
fixed-charge coverage permanently below 1.5x
LIQUIDITY AND DEBT STRUCTURE
Satisfactory Liquidity: Picard's liquidity is adequate, with an
estimated EUR80 million of Fitch-adjusted unrestricted cash
following the refinancing. The RCF provides an extra EUR60 million
in liquidity buffer, improving its liquidity profile.
Low capex intensity and manageable working-capital outflows provide
for healthy positive FCF generation that Fitch estimates will
further improve Picard's liquidity. Following its refinancing Fitch
expects available cash to return to pre-refinancing levels by FY27.
However, its liquidity position is subject to its 2027 unsecured
note refinancing as well as potential sizeable shareholder
distributions.
ISSUER PROFILE
Picard is a French food retailer, with a leading market share
(around 20%) in the highly specialised and niche frozen-food
market.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Picard Groupe SAS
senior secured LT BB-(EXP) Expected Rating RR2
Picard Bondco S.A. LT IDR B Affirmed B
Lion/Polaris
Lux 4 S.A.
senior secured LT BB-(EXP) Expected Rating RR2
=====================
N E T H E R L A N D S
=====================
S&S EUROPE: Declared Bankrupt Following Logistical Problems
-----------------------------------------------------------
FashionUnited reports that on June 12, S&S Europe B.V. was declared
bankrupt.
S&S Europe is the northern European retail and e-commerce (web
shop) organisation of the fashion brand Scotch & Soda, which
previously went bankrupt in 2023.
Following the 2023 bankruptcy, Scotch & Soda was bought by Bluestar
Alliance, a New York-based brand management company, FashionUnited
recounts. Its retail and e-commerce operations in northern Europe
were continued by S&S Europe.
All shops, both online and offline, will remain open, FashionUnited
notes.
According to FashionUnited, the cause of the bankruptcy is
logistical problems following the relaunch in 2023 and continued
losses as a result.
Bankruptcy has been filed not only in the Netherlands, but also for
the branches in Germany, Belgium, Luxembourg and Austria,
FashionUnited relates. A total of 92 shops and 721 employees are
involved in these five countries, including 28 shops and 320
employees in the Netherlands, FashionUnited discloses.
Scotch & Soda further reported in the press release that work is
again underway on a possible relaunch, FashionUnited states. The
bankruptcy of S&S Europe B.V. has been placed with administrators
Michel Moeijes and Abslem Ourhris of Tanger Advocaten in The
Netherlands, according to FashionUnited.
===========
S W E D E N
===========
INTRUM AB: S&P Lowers LongTerm ICR to 'CCC', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered to 'CCC' from 'B' its long-term credit
ratings on Nordic debt collector Intrum AB (publ) and its senior
notes and lowered to 'C' from 'B' its short-term issuer credit
rating on Intrum.
The negative outlook reflects the increased likelihood of a
distressed exchange.
Intrum recently announced an update of its refinancing process and
revised its business plan for the next five years. The potential
terms for debtholders include as key features:
-- Full repayment of its bonds maturing in July 2024;
-- All bonds maturing 2025 and beyond will be made senior debt,
extended by two years, with a step up in coupon rates and a 10%
conversion into equity; and
-- A new EUR400 million secured facility.
In S&P's view, the proposed terms would not adequately compensate
bondholders for the exchange.
===========================
U N I T E D K I N G D O M
===========================
ALBION HOLDCO: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Albion HoldCo Limited's (Albion)
Long-Term Issuer Default Rating (IDR) at 'BB-'. The Outlook is
Stable. Albion is the owner of UK-based temporary power and energy
supply provider, Aggreko Limited.
Fitch has also affirmed the senior secured notes issued by Albion
Financing 1 S.a.r.l and the senior secured term loan issued by
Albion Financing 3 S.a.r.l. at 'BB+' with a Recovery Rating of
'RR2', and the senior unsecured debt issued by Albion Financing 2
S.a.r.l. at 'BB-' with 'RR4'.
The affirmation reflects Albion's strong market share in the global
temporary power and energy services sector, which supports its
resilient and strong profitability. The company also benefits from
wide geographical and end-customer diversification, with its
largest revenue contribution coming from North America (37% of
revenues in 2023), which mitigates exposure to volatility in any
particular sector or customer. The amend-and-extend transaction
launched today will shift USD2.2billion of existing term loan B
(TLB) to August 2029, greatly reducing refinancing risk that could
have been faced with the upcoming maturity wall.
Rating weaknesses are a highly leveraged financial structure, which
is in line with a 'B' rating, and negative free cash flow (FCF) in
the medium term due to expansionary capex. If the capex does not
result in expected EBITDA increase this may lead to downward
pressure on the rating.
The Stable Outlook reflects its expectation that Albion's revenue
and profitability will continue to increase from expansionary capex
and further bolt-on acquisitions that Fitch expects to be funded by
the new USD250 million TLB add-on. This should lead to gross
leverage gradually declining to under 4x to 2027.
KEY RATING DRIVERS
New Loan to Fund Growth: Albion will use the proceeds from the
USD250 million TLB add-on to support growth plans, including its
M&A pipeline, investments in energy transition solutions (organic
and acquisitions) and growth capex. In January 2024, it agreed to
acquire Resalta BV, a major provider of energy efficiency and
renewable solutions within central and eastern Europe, scheduled to
close in 3Q24. Albion is also accelerating their fleet investment
to USD102 million in 1Q24, up 77% from two years ago.
Limited impact on Leverage: The new loan will have limited impact
on leverage as Fitch expects strong EBITDA growth in 2024 to offset
the increase in debt. Fitch forecasts that EBITDA leverage will be
4.1x at end-2024 and gradually decline to 3.8x at end-2027. Fitch
forecasts debt to continue rising each year to fund the company's
growth strategy that should lead to higher EBITDA. If the
debt-funded growth does not result in the expected EBITDA increase
this may lead to downward pressure on the rating.
FCF Under Pressure: Fitch anticipates pressure on FCF generation to
2027 as Albion expands its existing fleet across most segments
while investing in the latest emissions-compliant engines and
renewable technologies such as solar and batteries. It has plans
for large discretionary capex (around 70%-75% of total) to 2027 to
support its expansion, amounting to average growth capex at 20%-25%
of revenue during this period. Fitch notes that this sustained FCF
deficit could reduce liquidity headroom and put pressure on the
rating if forecast growth is not achieved.
Upcoming Maturity Wall: Albion had outstanding debt maturities of
USD3.9 billion as of end-2023, of which USD3.2 billion is to be
repaid in 2026. The amend-and-extend transaction will shift
USD2.2billion of existing TLB debt to August 2029, greatly reducing
refinancing risk that could have been faced in 2026. The company
has also secured a short-term extension on its GBP300 million
revolving credit facility (RCF) and GBP150 million ancillary
bonding facility, both now expiring in June 2026.
Operational Improvements Boost Profitability: Albion's operational
performance continued to improve in 1Q24 with a reported adjusted
EBITDA margin of 40%, up 3% from 1Q23. This supports Fitch forecast
EBITDA of USD1.1 billion with a Fitch-defined EBITDA margin of 36%
for 2024. Fitch forecasts a steady rise in EBITDA margins to almost
39% by 2027. The improvement is expected to result from disciplined
cost management and pricing, cost-saving initiatives, economies of
scale achieved from an expanded fleet, synergies from acquisitions
and growth of solar in the ETS business.
Continued Revenue Growth: Revenue rose 7% year on year to USD606
million in 1Q24, primarily led by North America with a growth of
14%. This increase was due to heightened activity in the
petrochemical and refining sectors, and in building services and
construction, as well as benefits from the Resolute acquisition.
This uptrend extends the revenue rise of almost 14% in 2023, which
included USD196 million from recent acquisitions. Fitch anticipates
revenue growth to remain strong while Albion undertakes its
expansion plans.
Attractive Underlying Market: Fitch believes that the energy market
has long-term attractive structural drivers due to aging electrical
infrastructure, particularly against the backdrop of the transition
to renewable energy. Global demand for power is set to increase
2.5x by 2050, with the largest growth in demand expected in data
centers. Additionally, the gap between power supply and demand is
widening, as governments remain reluctant to make large investments
in fossil fuel-based power plants during energy transition.
DERIVATION SUMMARY
Albion's rating reflects the company's global leading position in
the provision of temporary power and energy services, which has
supported strong profitability. The rating also considers the
short-term nature of the company's underlying contract length.
Profitability has surpassed pre-pandemic levels and is forecast to
continue to increase, aided by strong underlying markets
fundamentals, cost-saving initiatives and recent acquisitions.
Albion's revenue is slightly higher then Boels Topholding B.V.'s
(BB-/Positive) and BCP V Modular Services Holdings III Limited's
(B/Stable) but less than half of Ashtead Group plc's (BBB/Stable).
Albion's EBITDA margin is in line with Boels' and Modulaire's.
Allowing for the recent acquisitions, forecast EBITDA leverage will
be between that of Boels and Modulaire.
KEY ASSUMPTIONS
- Low double-digit revenue growth for 2024-2027, driven by the
company's expansionary capex to meet increasing demand and by
acquisitions
- Consolidated EBITDA margins to improve to 2027, driven by key
cost-saving initiatives, focus on pricing and synergies stemming
from acquisitions and growth in solar in the ETS business
- No dividend distribution in line with management expectations to
2027
- Increasing capex in line with management's expectations to 2027
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- EBITDA leverage below 4.0x on a sustained basis
- EBITDA interest coverage above 5.0x
- Improvement of FCF margin to above 3% on a sustained basis
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- EBITDA leverage above 5.0x
- EBITDA margin decreasing due to lower productivity on
expansionary capex, margin-dilutive debt-funded acquisitions, loss
of large customers or significant pricing pressure
- EBITDA interest coverage below 3.0x
LIQUIDITY AND DEBT STRUCTURE
New Debt Supports Liquidity: Albion reported USD155 million of
total cash at end-March 2024. It also has access to an undrawn
GBP300 million RCF. Liquidity will be supported by additional debt
to cover the forecast negative free cash flow while its
expansionary capex plan is underway. Fitch believes Albion has the
flexibility to put on hold expansionary capex to restore FCF.
The new USD250 million TLB add-on is subject to the same terms and
conditions as well as tenor as existing facilities maturing in
August 2026.
ISSUER PROFILE
UK-based Aggreko Limited, a subsidiary of Albion, is a global
leader providing mobile modular power, temperature control and
energy services across more than 60 countries.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Albion HoldCo Limited LT IDR BB- Affirmed BB-
Albion Financing 1
S.a.r.l
senior secured LT BB+ Affirmed RR2 BB+
Albion Financing 2
S.a.r.l.
senior unsecured LT BB- Affirmed RR4 BB-
Albion Financing 3
S.a.r.l.
senior secured LT BB+ New Rating RR2
senior secured LT BB+ Affirmed RR2 BB+
BODY SHOP: Former Mothercare Boss Submits Takeover Bid
------------------------------------------------------
Elliot Gulliver-Needham at City A.M. reports that the former boss
of Mothercare is angling to step in and turnaround The Body Shop
after it fell into administration earlier this year.
The Body Shop, which had over a hundred shops across the UK, was
forced into administration earlier this year after being purchased
by private equity firm Aurelius, City A.M. recounts.
Now, Mark Newton-Jones, who heads up the UK division of Gordon
Brothers, has submitted a bid to takeover the business, City A.M.
relays, citing the Telegraph.
Gordon Brothers is a turnaround firm which has previously
liquidated failing companies like Borders and Bed Bath & Beyond, as
well as successfully saving Polaroid.
Mr. Newton-Jones, who is spearheading the bid, was previously chief
executive of Mothercare twice, with the final time seeing him
shutter the company's British stores in 2020, City A.M. notes.
Mothercare fell into administration in November 2019, and
eventually saw some of its UK brands picked up by Boots, City A.M.
relates.
Other potential bidders for The Body Shop include Alteri, Modella
Capital, and Doug Putman, the Canadian businessman known for saving
HMW in 2019, City A.M. discloses.
The Body Shop was founded by Anita Roddick in 1976, who then sold
the company to French beauty giant L'Oreal in 2006. She passed
away the following year.
It then moved ownership to Brazilian company Natura & Co in 2017,
before being finally being sold to Aurelius in November 2023, less
than three months before its collapse.
According to City A.M., last week, it was revealed that the health
and beauty chain had racked up GBP15 million in debt to Natura in
the brief period between its sale to Aurelius and its collapse into
administration.
Natura ultimately owns much of The Body Shop's manufacturing and
logistics chains, allowing it to have significant influence on
which bidder is able to obtain the brand, City A.M. states.
CAZOO: Motors Acquires Brand Following Administration
-----------------------------------------------------
Harry Wise at ThisisMONEY.co.uk reports that vehicle search
platform Motors has bought the Cazoo brand for an undisclosed sum
after the used car operator fell into administration last month.
According to ThisisMONEY.co.uk, the online classifieds marketplace
said on June 28 it would launch a new Cazoo app in the next few
weeks, followed by a website containing over 250,000 secondhand
vehicle listings.
Motors said it wanted to create "a fresh approach to searching for
cars" and attract a larger number of automobile buyers with the
acquisition, ThisisMONEY.co.uk notes.
However, the buyer has only acquired the Cazoo brand -- not the
entire business, ThisisMONEY.co.uk states.
Cazoo became the fastest British company to reach unicorn status
and was listed on the New York Stock Exchange three years ago with
a GBP6 billion valuation.
However, it struggled with massive losses, posting GBP550 million
in 2021 and GBP704 million in 2022, and it was forced to make
significant redundancies and shut operations in Europe,
ThisisMONEY.co.uk discloses.
Problems were aggravated by consumer cost-of-living pressures and
the group spending huge sums on sponsoring sporting teams and
organisations, such as football sides Aston Villa and Everton, and
the World Snooker Championship, ThisisMONEY.co.uk relates.
In March, the group announced it would sell off used car stock and
transition into a car marketplace, which allows consumers to trade
cars under a single brand, ThisisMONEY.co.uk relays.
Cazoo called in administrators two months later, having cut
hundreds of jobs as part of this transformation and sold its whole
vehicle inventory, ThisisMONEY.co.uk notes.
HERMITAGE 2024: Fitch Assigns 'BB+(EXP)sf' Rating on Class E Notes
------------------------------------------------------------------
Fitch Ratings has assigned Hermitage 2024 Plc expected ratings.
The assignment of final ratings is contingent on the receipt of
documentation conforming to information already reviewed.
Entity/Debt Rating
----------- ------
Hermitage 2024 Plc
Class A LT AAA(EXP)sf Expected Rating
Class B LT AA+(EXP)sf Expected Rating
Class C LT A(EXP)sf Expected Rating
Class D LT BBB(EXP)sf Expected Rating
Class E LT BB+(EXP)sf Expected Rating
Class F LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
Hermitage 2024 Plc will be the second securitisation of equipment
finance receivables originated by Haydock Finance Limited (Haydock)
to SME borrowers in the UK. Affiliates of funds managed by Apollo
Global Management, Inc. acquired a majority stake in Haydock in
2018.
KEY RATING DRIVERS
Moderate Obligor Credit Risk: Fitch assumed a default base case of
8%, 1pp lower than initially set for Hermitage 2023. Recent
performance has been stable, despite a challenging operating
environment for SMEs. Haydock targets higher-risk segments than
prime-only lenders, resulting in higher interest rates and an
increased focus on asset recovery value. This is reflected in a
moderately high base case default, which also incorporates its
expectation that performance will worsen relative to vintages that
benefited from government support measures during Covid-19.
The 'AAA' default multiple was set at 4.0x, resulting in a 'AAA'
default rate of 32%.
Pro-Rata Increases Risk: The class A to E notes and the unrated
class F notes will amortise pro-rata with one another until the
breach of certain triggers. This is a material change from
Hermitage 2023, which is fully sequential in amortisation. In
Fitch's view, this increases tail risk, and makes the ratings more
sensitive to default timing and prepayment rates. Nevertheless, the
package of triggers has been analysed in its cash flow modelling.
Fitch believes they are adequate to mitigate the risk at the
assigned ratings.
Limited Portfolio Concentration: Obligor concentrations are higher
than in a typical EMEA ABS pool due to the commercial nature of the
borrowers and the presence of some high-value assets. However, the
pool is still sufficiently granular for Fitch's Consumer ABS Rating
Criteria approach to apply. The largest obligor comprises 0.6% of
the total pool balance. There is wide diversification across
industries, asset types and geographies.
Heterogenous Equipment Collateral: The loans finance many asset
types, including heavy goods vehicles, light commercial vehicles,
prestige vehicles, industrial machinery and buses. Haydock focuses
on business-critical, high recovery and easily-movable assets. This
supports strong recoveries. Fitch assigned a base case recovery of
60%. Fitch also applied an above-median 'AAA' recovery haircut of
55%. The secured nature of recoveries is a strength, but Fitch sees
risk of volatility stemming from exposure to larger, more
specialised and higher-value assets.
Servicing Continuity Risk Addressed: The credit risk of the
obligors and the heterogeneity of the financed equipment increases
the complexity of finding replacement servicers. However, Fitch
views the risk as adequately mitigated by the presence of a back-up
servicer and the availability of liquidity to maintain timely
payments on the notes during the transition period.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is stressed, while
holding others equal. The modelling process uses the estimation and
stress of these variables to reflect asset performance in a
stressed environment. The results below should only be viewed as
one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
future performance.
Rating sensitivity to increased default rates:
Increase default rate by 10% / 25% / 50%
Class A: 'AAAsf' / 'AA+sf' / 'AAsf'
Class B: 'AA+sf' / 'AA-sf' / 'A+sf'
Class C: 'Asf' / 'A-sf' / 'BBB+sf'
Class D: 'BBBsf' / 'BBB-sf' / 'BB+sf'
Class E: 'BB+sf' / 'BB+sf' / 'BBsf'
Rating sensitivity to reduced recovery rates:
Reduce recovery rate by 10% / 25% / 50%
Class A: 'AAAsf' / 'AAAsf' / 'AA+sf'
Class B: 'AA+sf' / 'AAsf' / 'AA-sf'
Class C: 'Asf' / 'BBB+sf' / 'BBBsf'
Class D: 'BBBsf' / 'BBB-sf' / 'BB+sf'
Class E: 'BB+sf' / 'BBsf' / 'Bsf'
Rating sensitivity to increased default rates and reduced recovery
rates:
Increase default rate and reduce recovery rate each by 10% / 25% /
50%
Class A: 'AAAsf' / 'AA+sf' / 'A+sf'
Class B: 'AAsf' / 'A+sf' / 'A-sf'
Class C: 'A-sf' / 'BBBsf' / 'BBsf'
Class D: 'BBB-sf' / 'BB+sf' / 'CCCsf'
Class E: 'BB+sf' / 'B+sf' / 'NRsf'
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Rating sensitivity to reduced default rates and increased recovery
rates:
Reduce default rate and increase recovery rate each by 10%
Class B: 'AAAsf'
Class C: 'A+sf'
Class D: 'A-sf'
Class E: 'BBBsf'
The class A notes are already rated at 'AAAsf', and therefore
cannot be upgraded further.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
HOPS HILL 3: S&P Raises Class G Notes Rating to 'BB+ (sf)'
----------------------------------------------------------
S&P Global Ratings raised its credit ratings on Hops Hill No.3
PLC's class B-Dfrd notes to 'AA+ (sf)' from 'AA (sf)', C-Dfrd notes
to 'AA (sf)' from 'A+ (sf)', D-Dfrd notes to 'A (sf)' from 'A-
(sf)', E-Dfrd notes to 'BBB- (sf)' from 'BB+ (sf)', F-Dfrd notes to
'BB+ (sf)' from 'BB (sf)', and G notes to 'BB+ (sf)' from 'BB
(sf)'. At the same time, S&P affirmed its 'AAA (sf)' rating on the
class A notes.
The rating actions reflect the transaction's strong credit
performance as well as the end of the prefunding period and its
associated stresses.
S&P said, "Since our previous review, we have observed a decrease
in our weighted-average foreclosure frequency (WAFF) assumptions
across all rating levels. This reflects the transaction's reduced
proportion of cash-out loans, diminished concentration in Greater
London, and lower originator adjustment. Additionally, our
weighted-average loss severity assumptions have decreased, driven
by lower current loan-to-value (LTV) ratios, which have benefited
from improved House Price Index data.
"Since closing, loan-level arrears have increased to 0.67%,
primarily within the 30-60 days bucket (0.57%) as of March 2024.
However, these figures remain significantly below our U.K.
buy-to-let (BTL) index post-2014, which has reached 1.9% during the
same period."
Additionally, there are no cumulative losses in the portfolio.
Constant payment rates (CPRs) have remained stable over the limited
period since closing, at a level below S&P's U.K. post-2014 BTL
index (13.0%, as of the first quarter of 2024), with the
transaction's one-month CPR at 3.49% as of March 2024.
Credit analysis results
RATING LEVEL WAFF (%) WALS (%) CREDIT COVERAGE (%)
AAA 22.64 48.67 11.02
AA 15.13 41.10 6.22
A 11.35 28.79 3.27
BBB 7.57 21.13 1.60
BB 3.78 15.56 0.59
B 2.84 10.56 0.30
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
S&P said, "Our credit and cash flow results indicate the available
credit enhancement for the class A notes continues to be
commensurate with the assigned 'AAA (sf)' rating. We therefore
affirmed our rating on the class A notes.
"We raised the ratings on the class B-Dfrd to G notes, considering
the transaction's strong credit performance and adequate excess
spread. Our cash flow analysis indicated that these tranches could
achieve higher ratings than those assigned.
"However, we limited our upgrade of the class B-Dfrd notes. As an
interest deferrable tranche, it does not meet our rating definition
for a 'AAA' rating.
"We limited our upgrades of the class D-Dfrd to G notes due to
limited historical performance, given just 11 months have elapsed
since closing. We also considered the uncertain macroeconomic
environment."
S&P's counterparty criteria do not constrain the ratings.
Hops Hill No. 3 is a transaction backed primarily by a pool of
first lien BTL mortgage loans secured on properties in England and
Wales.
L1R HB FINANCE: EUR415.5MM Bank Debt Trades at 22% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which L1R HB Finance Ltd
is a borrower were trading in the secondary market around 77.6
cents-on-the-dollar during the week ended Friday, June 28, 2024,
according to Bloomberg's Evaluated Pricing service data.
The EUR415.5 million Term loan facility is scheduled to mature on
August 31, 2024. The amount is fully drawn and outstanding.
L1R HB Finance Limited was formed by LetterOne, a privately owned
investment vehicle set up by five Russian investors to acquire
U.K.-based Holland & Barrett Retail Limited, a health and well
being retailer specialist. L1R HB Finance is domiciled in Jersey.
SMIFFYS: Bought Out of Administration by Ad Populum
---------------------------------------------------
Joseph Keith at Yorkshire Evening Post reports that a national
fancy dress brand which has its headquarters and two stores in
Leeds has been sold after falling into administration.
R.H. Smith & Sons (Wigmakers) Limited, which trades as Smiffy's,
appointed Jane Steer and Sarah O'Toole of PwC as joint
administrators after its finances were "significantly impacted"
following the Covid-19 pandemic, Yorkshire Evening Post relates.
It comes after the company filed a notice of intention to appoint
administrators earlier this month, Yorkshire Evening Post notes.
According to Yorkshire Evening Post, in a new statement, PwC
confirmed the joint administrators had "completed a sale of the
business and assets" of the firm to Ad Populum LLC.
Leeds-headquartered Smiffy's has stores in Headingley, on North
Lane, and in Leeds city centre on Albion Street.
The brand has been operating for more than 100 years.
"Smiffy's is a popular brand that has been operating in one form or
another since 1894, but sadly, like many other retailers, it was
impacted by the after effects of the pandemic," Yorkshire Evening
Post quotes Jane Steer, joint administrator and partner, PwC, as
saying.
"The buyers, Ad Populum, will add Smiffy's to their comprehensive
range of brands which includes extensive experience of the fancy
dress and toy markets."
Smiffy's is headquartered in Leeds and also has stores in
Liverpool, Newcastle and Oxford.
THAMES WATER: Says Aging Assets Pose Risk to Public Safety
----------------------------------------------------------
Gill Plimmer at The Financial Times reports that Thames Water has
warned that its ageing assets pose "a risk to public safety, water
supply and the environment" in a report that lays bare the scale of
the challenge facing Britain's biggest water utility, which is at
risk of financial collapse.
According to the FT, the regional monopoly, which provides crucial
water and sewerage services to London and the surrounding area,
warned that it has around GBP19 billion of assets that are in
"poor" or "failed condition" or are "no longer capable of reliably
performing their function".
The problems range from crumbling sewage and water pipes to
obsolete monitoring technology and a shortage of reservoirs, the FT
relays, citing the company's report.
Hazards incurred from years of under-investment include the risk of
"rapid flooding" at 37,545 basement properties in London because
"they are located near the main water trunk mains, which are
bursting more frequently", the FT states.
There are also risks from Cryptosporidium oocysts -- a parasite in
drinking water that can cause diarrhoea -- as the four large London
water processing plants require upgrades, according to the FT.
Forty-three incidents of cryptosporidium in the water have been
detected since 2018, the report said, and the Drinking Water
Inspectorate has raised concerns, the FT notes.
The warning forms part of the business plan for the next five-year
regulatory cycle submitted by Thames Water to Ofwat, the watchdog,
as the company tries to stave off financial collapse and temporary
nationalisation, the FT says.
Thames Water's proposals include jacking up household bills by 59%,
the FT relays. Ofwat, the FT says, is due to make a draft decision
on the utility's business plan on July 11, less than a week after
the UK goes to the polls in the general election.
Politicians of all stripes have spoken out against water companies,
which have attracted public ire after pollution and spills, the FT
recounts. But Thames Water, which is struggling under the weight
of GBP18 billion of debt, has been under the most scrutiny, the FT
notes. Labour, which is widely predicted to win the election, has
said it is not in favour of nationalising Thames Water but it does
want a more stringent regulatory regime, according to the FT.
The plans by Thames Water, which services around 16mn households,
to increase household bills would take charges from around GBP471 a
year now to GBP749 in 2029-30, assuming inflation of 2%, the FT
discloses.
According to the FT, the utility is hoping that this and a new
"recovery regime", which includes limits to regulatory fines, would
enable it to raise debt and equity later this year to keep running
and deliver improvements.
It has stated it has enough cash to last it until May 2025, the FT
relays. Its biggest investor, the Canadian pension fund Omers, has
written its stake down to zero and shareholders have said the
current regulatory regime makes Thames Water "uninvestable", the FT
recounts.
As most of the company's infrastructure was installed before
privatisation 34 years ago, the need for expensive repairs to
poorly maintained assets is swallowing an ever-increasing part of
its budget, depleting cash for improvements, according to the
report, the FT notes.
ZEGONA HOLDCO: Fitch Gives 'BB+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has published Zegona Holdco Limited's (Vodafone
Spain) Long-Term Issuer Default Rating (IDR) of 'BB+' with a Stable
Outlook. Fitch has also published Zegona Holdco Limited's proposed
euro/US dollar term loan B (TLB) an expected rating of
'BBB-(EXP)'/'RR2'.
The ratings reflect Vodafone Spain's stable position in the
progressively rational Spanish telecoms market with strong
prospects for operational improvement, well-invested mobile and
fixed networks, positive pre-dividend free cash flow (FCF) and a
conservative financial policy. The ratings also consider relatively
low profitability with scope for improvement, moderate
Fitch-defined EBITDA net leverage of around 4.0x in the financial
year ending March 2025 (FY25) and operational execution risks.
The ability to increase business scale on an EBITDA basis and
adherence to stated leverage targets of 1.5-2.0x EBITDAaL (company
definition) combined with sufficient FCF improvement will be
critical for the future rating trajectory.
KEY RATING DRIVERS
Positive New Strategy: Fitch considers the company's new strategic
direction under Zegona's management positive for its financial
profile. Revenue growth over four years post-acquisition, under
Zegona's management, should be supported by CPI-linked price
increases, improving product proposition in the value consumer
segment and expansion in the wholesale and business segment.
Moreover, costs and capex savings should help improve the company's
profitability over FY25-28. Cost and capex savings include bad
debt, network and fixed-access cost savings, subscriber acquisition
cost reductions as well as network and IT capex reduction.
Execution Risk, Credible Record: Transformation, cost- and
capex-saving programmes can take longer than expected, often
demanding higher business-transformation spending and investment.
Vodafone Spain's new management under Zegona's ownership has
demonstrated a good record with Euskaltel returning it back to
growth with strong cost savings. Fitch expects management to be
able to return Vodafone Spain to a growth trajectory. However,
Fitch takes a cautious approach, assuming a flat growth rate in
FY25 and around 1.2-1.4% per year thereafter given competitive
pressures. Fitch also assumes a discount on the planned cost and
capex savings, reflecting execution risks.
Competitive Rational Market: Prior to the MasMovil and Orange
merger completed at end-March 2024, the Spanish market was highly
competitive due to four major network operators and a high number
of virtual mobile network operators (MVNOs) and altnets. This led
to consistent market share losses for the established operators.
Fitch believes the merger will help drive rational market
competition. The conditions of the merger include divestment of
60MHz of spectrum in the mid-to high-band frequency ranges to Digi,
an MVNO, and offer of an optional national roaming agreement to the
company.
The acquired spectrum could allow DiGi to deploy a hybrid network
model in the medium term. This approach may enable Digi to increase
its market scale and profitability while largely offsetting
infrastructure investment risks. However, it is unlikely to provide
the basis or motives for it to become another full mobile operator
in Spain. Fitch therefore expects the Spanish market to remain
competitive but rational over the next four to five years.
Third Player, Turnaround Potential: Vodafone Spain has number three
market positions in the mobile and fixed segments (based on mobile
and fixed-line shares as of December 2023). The company fully owns
its well-invested mobile network and fixed network that covers 40%
of total homes passed. Vodafone Spain's service revenues were
declining by 3.4% CAGR over FY20-23 due to continued price
competition and a decreasing customer base. However, the
company-defined EBITDA margin remained at around 32-33%, supported
by the ongoing cost efficiency programme.
Positive FCF: Fitch expects Vodafone Spain to maintain positive FCF
generation, with high-single pre-dividend FCF margins in FY26-28
supported by gradual profitability improvement and capex savings
partly offset by high interest payments. This supports the fast
deleveraging profile. The strength of the FCF and improved
financial flexibility would be crucial for an upgrade.
Deleveraging Path: Fitch estimates Fitch-defined EBITDA net
leverage to be at around 4.0x in FY25. However, Fitch expects
leverage to quickly decrease to below the downgrade thresholds of
3.6x in FY26 supported by EBITDA growth and positive FCF
generation. Deleveraging could be faster if EBITDA grows above its
expectations.
DERIVATION SUMMARY
Fitch considers Vodafone Spain's operating profile weaker than
single-market operators NOS, S.G.P.S., S.A. (BBB/Stable), Royal KPN
N.V. (BBB/Stable) and Lorca Holdco Limited (MasOrange;
BB/Positive), which have stronger domestic market positions, full
ownership of both fixed and mobile networks and higher EBITDA
margins. This is reflected in Vodafone Spain's tighter leverage
thresholds. MasOrange has a lower rating than Vodafone Spain as the
latter has lower leverage.
Fitch considers Vodafone Spain's business profile as stronger than
Telefonica Deutschland Holding AG (TEF DE; BBB/Stable). TEF DE has
lower product diversification with 70% of revenues coming from the
mobile segment. It also derives a significant share of its
wholesale revenue from MVNO, which exposes it to some revenue
volatility in the long term, as its main wholesale partner 1&1 will
move to another MNO in the next two years.
KEY ASSUMPTIONS
- Flat revenue growth of around FY2025 and around 1.2-1.4% per year
thereafter
- Fitch-defined EBITDA margin of 24% in FY25 improving to 27% in
FY27
- Fitch-defined capex (excluding subscriber acquisition costs) at
10.9% of revenue in FY25 slightly improving to 10.6% in FY27
- Dividend payments of EUR24 million per year in FY25-27
- Total aggregate amount of TLB and other senior secured debt
issued in 2024 will be EUR3.4 billion
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
Revenue and EBITDA growth with a strengthened operating profile and
competitive capability and materially improved market share
positions ·
Cash from operations (CFO)-capex/gross debt above 11.5% on a
sustained basis
EBITDA net leverage below 3.0x on a sustained basis
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
Persistent erosion of the company's market position as measured by
its overall share of retail revenue, convergent services, payTV and
fixed broadband
Meaningful delays in extracting cost savings, resulting in
Fitch-defined EBITDA margins below 25% on a sustained basis
CFO-capex/gross debt below 9.0% on a sustained basis
EBITDA net leverage above 3.6x on a sustained basis
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Fitch expects the company to have adequate
liquidity, supported by expected positive FCF generation in
FY25-27, an undrawn revolving credit facility (RCF) of EUR500
million in FY25-27 and long-dated maturity with new term loan A,
TLB and other senior secured debt likely maturing in 2029.
Debt Rating Approach: Fitch rates Vodafone Spain's senior secured
debt at 'BBB-' in accordance with its Corporates Recovery Ratings
and Instrument Ratings Criteria, under which it applies a generic
approach to instrument notching for 'BB' rated issuers. Fitch
labels Vodafone Spain's senior secured debt as 'category 2 first
lien' under its criteria, resulting in a Recovery Rating of 'RR2',
with a single-notch uplift from the IDR to 'BBB-'.
ISSUER PROFILE
Zegona Holdco Limited is a holding company of Vodafone Spain which
is a telecommunications company offering mobile, fixed and pay-TV
services in Spain.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery
----------- ------ --------
Zegona Holdco Limited LT IDR BB+ Publish
senior secured LT BBB-(EXP)Publish RR2
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week June 24 to June 28, 2024
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Codere Finance 2 Luxembo 11.000 9/30/2026 EUR 45.833
Altice France Holding SA 10.500 5/15/2027 USD 38.867
R-Logitech Finance SA 10.250 9/26/2027 EUR 15.000
Codere Finance 2 Luxembo 12.750 11/30/2027 EUR 0.899
IOG Plc 13.217 9/20/2024 EUR 6.458
Solis Bond Co DAC 10.211 7/31/2024 EUR 50.000
Codere Finance 2 Luxembo 13.625 11/30/2027 USD 1.000
Saderea DAC 12.500 11/30/2026 USD 49.268
Bakkegruppen AS 11.720 2/3/2025 NOK 45.694
Fastator AB 12.500 9/26/2025 SEK 32.399
Ilija Batljan Invest AB 10.470 SEK 3.500
Codere Finance 2 Luxembo 13.625 11/30/2027 USD 1.000
Turkiye Government Bond 10.400 10/13/2032 TRY 49.000
Codere Finance 2 Luxembo 11.000 9/30/2026 EUR 45.833
Tinkoff Bank JSC Via TCS 11.002 USD 42.855
Solocal Group 10.719 3/15/2025 EUR 20.858
Kvalitena AB publ 10.067 4/2/2024 SEK 45.000
Fastator AB 12.500 9/25/2026 SEK 32.399
Immigon Portfolioabbau A 10.055 EUR 5.050
Marginalen Bank Bankakti 12.996 SEK 45.000
Oscar Properties Holding 11.270 7/5/2024 SEK 0.265
Bourbon Corp SA 11.652 EUR 1.371
UkrLandFarming PLC 10.875 3/26/2018 USD 4.202
Bilt Paper BV 10.360 USD 0.551
Plusplus Capital Financi 11.000 7/29/2026 EUR 10.390
Societe Generale SA 18.000 8/30/2024 USD 33.800
Fastator AB 12.500 9/24/2027 SEK 36.470
Transcapitalbank JSC Via 10.000 USD 1.450
Virgolino de Oliveira Fi 11.750 2/9/2022 USD 0.638
Societe Generale SA 18.000 8/30/2024 USD 19.400
Avangardco Investments P 10.000 10/29/2018 USD 0.108
Altice France Holding SA 10.500 5/15/2027 USD 38.339
Virgolino de Oliveira Fi 10.500 1/28/2018 USD 0.010
Sidetur Finance BV 10.000 4/20/2016 USD 0.491
Citigroup Global Markets 25.530 2/18/2025 EUR 0.060
Societe Generale SA 16.000 7/3/2024 USD 19.700
Virgolino de Oliveira Fi 10.500 1/28/2018 USD 0.010
Privatbank CJSC Via UK S 10.875 2/28/2018 USD 5.277
Privatbank CJSC Via UK S 10.250 1/23/2018 USD 3.751
Solocal Group 10.719 3/15/2025 EUR 9.291
UBS AG/London 16.500 7/22/2024 CHF 8.460
Privatbank CJSC Via UK S 11.000 2/9/2021 USD 0.743
Codere Finance 2 Luxembo 12.750 11/30/2027 EUR 0.899
Goldman Sachs Internatio 16.288 3/17/2027 USD 25.690
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 1.316
Societe Generale SA 15.110 10/31/2024 USD 21.500
Virgolino de Oliveira Fi 10.875 1/13/2020 USD 36.000
Societe Generale SA 11.000 7/14/2026 USD 10.000
Societe Generale SA 14.000 8/8/2024 USD 38.803
Raiffeisen Switzerland B 10.500 7/11/2024 USD 26.020
Leonteq Securities AG/Gu 12.490 7/10/2024 USD 23.960
Bulgaria Steel Finance B 12.000 5/4/2013 EUR 0.216
Sidetur Finance BV 10.000 4/20/2016 USD 0.491
Societe Generale SA 20.000 7/21/2026 USD 3.940
Petromena ASA 10.850 11/19/2018 USD 0.622
Societe Generale SA 21.000 12/26/2025 USD 28.870
Tailwind Energy Chinook 12.500 9/27/2019 USD 1.500
Societe Generale SA 15.000 9/29/2025 USD 6.267
Societe Generale SA 20.000 11/28/2025 USD 4.500
Societe Generale SA 26.640 10/30/2025 USD 2.170
Societe Generale SA 16.000 8/1/2024 USD 12.500
UniCredit Bank GmbH 10.300 9/27/2024 EUR 25.430
Ukraine Government Bond 11.000 2/16/2037 UAH 36.604
NTRP Via Interpipe Ltd 10.250 8/2/2017 USD 1.009
Bulgaria Steel Finance B 12.000 5/4/2013 EUR 0.216
Societe Generale SA 20.000 12/18/2025 USD 21.900
BLT Finance BV 12.000 2/10/2015 USD 10.500
Basler Kantonalbank 17.000 7/19/2024 CHF 41.520
Inecobank CJSC 10.000 4/28/2025 AMD 0.000
Raiffeisen Schweiz Genos 20.000 8/7/2024 CHF 33.700
HSBC Trinkaus & Burkhard 15.100 12/30/2024 EUR 26.760
Ukraine Government Bond 11.000 4/1/2037 UAH 36.632
Swissquote Bank SA 27.700 9/4/2024 CHF 45.080
Leonteq Securities AG/Gu 22.000 8/7/2024 CHF 23.860
Raiffeisen Switzerland B 20.000 7/10/2024 CHF 40.660
Leonteq Securities AG 21.000 10/30/2024 CHF 40.450
Societe Generale SA 14.300 8/22/2024 USD 11.000
Leonteq Securities AG/Gu 26.000 7/24/2024 CHF 40.360
Raiffeisen Schweiz Genos 16.000 7/24/2024 CHF 41.000
PA Resources AB 13.500 3/3/2016 SEK 0.124
ACBA Bank OJSC 11.500 3/1/2026 AMD 0.000
National Mortgage Co RCO 12.000 3/30/2026 AMD 0.000
Societe Generale SA 22.750 10/17/2024 USD 20.610
Privatbank CJSC Via UK S 10.875 2/28/2018 USD 5.277
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
Virgolino de Oliveira Fi 10.875 1/13/2020 USD 36.000
KPNQwest NV 10.000 3/15/2012 EUR 0.753
Banco Espirito Santo SA 10.000 12/6/2021 EUR 0.058
Societe Generale SA 25.260 10/30/2025 USD 9.200
UBS AG/London 21.600 8/2/2027 SEK 29.450
Landesbank Baden-Wuertte 12.000 1/3/2025 EUR 40.670
Landesbank Baden-Wuertte 15.000 1/3/2025 EUR 35.450
Landesbank Baden-Wuertte 18.000 1/3/2025 EUR 33.660
Landesbank Baden-Wuertte 10.000 10/25/2024 EUR 27.310
Landesbank Baden-Wuertte 11.500 10/25/2024 EUR 24.830
Landesbank Baden-Wuertte 14.000 1/24/2025 EUR 36.980
Bank Vontobel AG 14.000 3/5/2025 CHF 41.000
DZ Bank AG Deutsche Zent 16.500 12/27/2024 EUR 48.560
UniCredit Bank GmbH 16.550 8/18/2025 USD 25.150
Landesbank Baden-Wuertte 16.000 1/24/2025 EUR 47.750
Landesbank Baden-Wuertte 11.500 2/28/2025 EUR 46.300
Landesbank Baden-Wuertte 15.000 2/28/2025 EUR 42.610
Landesbank Baden-Wuertte 19.000 2/28/2025 EUR 40.670
Vontobel Financial Produ 13.000 9/27/2024 EUR 47.440
Vontobel Financial Produ 15.500 9/27/2024 EUR 44.000
Vontobel Financial Produ 12.000 9/27/2024 EUR 49.620
Vontobel Financial Produ 17.000 9/27/2024 EUR 42.570
Vontobel Financial Produ 14.000 9/27/2024 EUR 45.590
Vontobel Financial Produ 18.000 9/27/2024 EUR 41.140
Vontobel Financial Produ 21.000 9/27/2024 EUR 38.900
Vontobel Financial Produ 19.500 9/27/2024 EUR 39.990
UniCredit Bank GmbH 15.100 9/27/2024 EUR 31.960
Leonteq Securities AG/Gu 26.000 7/31/2024 CHF 31.850
Leonteq Securities AG 28.000 9/5/2024 CHF 44.350
Leonteq Securities AG 24.000 9/5/2024 CHF 45.920
UniCredit Bank GmbH 12.800 2/28/2025 EUR 50.360
UniCredit Bank GmbH 14.500 11/22/2024 EUR 26.900
UniCredit Bank GmbH 13.100 2/28/2025 EUR 30.680
UniCredit Bank GmbH 14.500 2/28/2025 EUR 29.790
Swissquote Bank SA 27.050 7/31/2024 CHF 43.910
DZ Bank AG Deutsche Zent 14.000 9/25/2024 EUR 45.150
UniCredit Bank GmbH 14.400 9/27/2024 EUR 48.490
DZ Bank AG Deutsche Zent 10.750 12/27/2024 EUR 42.160
Landesbank Baden-Wuertte 15.000 1/3/2025 EUR 48.440
Landesbank Baden-Wuertte 12.000 1/24/2025 EUR 35.900
Landesbank Baden-Wuertte 15.500 1/24/2025 EUR 31.410
UniCredit Bank GmbH 14.900 8/23/2024 EUR 44.730
UniCredit Bank GmbH 14.700 8/23/2024 EUR 23.570
UniCredit Bank GmbH 13.800 2/28/2025 EUR 30.330
Bank Vontobel AG 11.000 7/26/2024 USD 40.500
Vontobel Financial Produ 24.500 9/27/2024 EUR 37.540
UniCredit Bank GmbH 16.400 9/27/2024 EUR 30.610
Landesbank Baden-Wuertte 11.000 3/28/2025 EUR 38.190
Landesbank Baden-Wuertte 13.000 3/28/2025 EUR 35.740
Leonteq Securities AG/Gu 22.000 10/2/2024 CHF 45.400
Leonteq Securities AG 21.000 1/3/2025 CHF 29.220
Landesbank Baden-Wuertte 15.000 3/28/2025 EUR 34.130
Landesbank Baden-Wuertte 10.500 1/2/2026 EUR 44.370
Finca Uco Cjsc 12.000 2/10/2025 AMD 0.000
Societe Generale SA 24.000 4/3/2025 USD 44.000
UniCredit Bank GmbH 18.500 12/31/2024 EUR 28.250
UniCredit Bank GmbH 19.300 12/31/2024 EUR 27.820
Ukraine Government Bond 11.000 4/24/2037 UAH 39.247
Leonteq Securities AG 24.000 1/16/2025 CHF 47.450
Vontobel Financial Produ 16.500 12/31/2024 EUR 48.320
Vontobel Financial Produ 18.500 12/31/2024 EUR 47.470
Vontobel Financial Produ 20.250 12/31/2024 EUR 46.650
Vontobel Financial Produ 13.000 12/31/2024 EUR 50.650
Vontobel Financial Produ 14.750 12/31/2024 EUR 49.370
Swissquote Bank SA 15.740 10/31/2024 CHF 26.480
HSBC Trinkaus & Burkhard 12.500 12/30/2024 EUR 28.460
HSBC Trinkaus & Burkhard 10.800 12/30/2024 EUR 30.150
HSBC Trinkaus & Burkhard 11.300 6/27/2025 EUR 44.780
HSBC Trinkaus & Burkhard 17.700 7/26/2024 EUR 32.030
HSBC Trinkaus & Burkhard 13.800 7/26/2024 EUR 35.850
HSBC Trinkaus & Burkhard 17.100 8/23/2024 EUR 33.240
HSBC Trinkaus & Burkhard 13.500 8/23/2024 EUR 36.780
HSBC Trinkaus & Burkhard 10.800 8/23/2024 EUR 40.530
HSBC Trinkaus & Burkhard 12.800 10/25/2024 EUR 38.680
HSBC Trinkaus & Burkhard 10.400 10/25/2024 EUR 42.070
HSBC Trinkaus & Burkhard 15.600 11/22/2024 EUR 36.570
HSBC Trinkaus & Burkhard 12.600 11/22/2024 EUR 39.460
HSBC Trinkaus & Burkhard 10.300 11/22/2024 EUR 42.700
Leonteq Securities AG/Gu 20.000 8/7/2024 CHF 10.010
Leonteq Securities AG/Gu 30.000 8/7/2024 CHF 32.970
HSBC Trinkaus & Burkhard 17.600 9/27/2024 EUR 22.980
HSBC Trinkaus & Burkhard 17.800 9/27/2024 EUR 33.540
HSBC Trinkaus & Burkhard 11.800 9/27/2024 EUR 39.510
HSBC Trinkaus & Burkhard 16.100 12/30/2024 EUR 36.790
HSBC Trinkaus & Burkhard 11.100 12/30/2024 EUR 41.820
HSBC Trinkaus & Burkhard 15.900 3/28/2025 EUR 39.030
HSBC Trinkaus & Burkhard 15.000 3/28/2025 EUR 39.670
HSBC Trinkaus & Burkhard 13.300 6/27/2025 EUR 42.690
Ukraine Government Bond 11.000 3/24/2037 UAH 36.624
Ukraine Government Bond 11.000 4/8/2037 UAH 36.641
Ukraine Government Bond 11.000 4/20/2037 UAH 36.709
Ukraine Government Bond 11.000 4/23/2037 UAH 36.663
Swissquote Bank Europe S 25.320 2/26/2025 CHF 48.470
Landesbank Baden-Wuertte 16.000 10/25/2024 EUR 45.420
UniCredit Bank GmbH 13.700 9/27/2024 EUR 26.890
Leonteq Securities AG 24.000 1/13/2025 CHF 22.990
Landesbank Baden-Wuertte 13.000 9/27/2024 EUR 43.950
Landesbank Baden-Wuertte 15.000 9/27/2024 EUR 41.000
Landesbank Baden-Wuertte 18.000 9/27/2024 EUR 38.810
Landesbank Baden-Wuertte 21.000 9/27/2024 EUR 37.020
Landesbank Baden-Wuertte 23.000 9/27/2024 EUR 35.340
Landesbank Baden-Wuertte 13.000 1/3/2025 EUR 47.260
Landesbank Baden-Wuertte 14.000 1/3/2025 EUR 44.400
Landesbank Baden-Wuertte 16.000 1/3/2025 EUR 42.520
Landesbank Baden-Wuertte 18.000 1/3/2025 EUR 41.030
Landesbank Baden-Wuertte 21.000 1/3/2025 EUR 40.350
Landesbank Baden-Wuertte 16.000 1/3/2025 EUR 37.880
Landesbank Baden-Wuertte 19.000 1/3/2025 EUR 35.680
Landesbank Baden-Wuertte 22.000 1/3/2025 EUR 34.250
Landesbank Baden-Wuertte 25.000 1/3/2025 EUR 33.360
Landesbank Baden-Wuertte 14.000 6/27/2025 EUR 41.920
Landesbank Baden-Wuertte 16.000 6/27/2025 EUR 40.450
Landesbank Baden-Wuertte 19.000 6/27/2025 EUR 40.590
Landesbank Baden-Wuertte 27.000 9/27/2024 EUR 39.370
Landesbank Baden-Wuertte 21.000 6/27/2025 EUR 40.290
UniCredit Bank GmbH 14.800 9/27/2024 EUR 25.980
Raiffeisen Schweiz Genos 20.000 10/16/2024 CHF 30.450
DZ Bank AG Deutsche Zent 23.100 12/31/2024 EUR 49.840
DZ Bank AG Deutsche Zent 21.500 9/27/2024 EUR 50.290
UBS AG/London 13.000 9/30/2024 CHF 16.340
Leonteq Securities AG/Gu 19.000 8/8/2024 CHF 35.140
DZ Bank AG Deutsche Zent 11.800 9/27/2024 EUR 46.160
Bank Vontobel AG 10.500 7/29/2024 EUR 45.200
UBS AG/London 12.000 11/4/2024 EUR 47.350
UBS AG/London 11.590 5/1/2025 USD 9.890
Fast Credit Capital UCO 11.500 7/13/2024 AMD 0.000
Bank Vontobel AG 11.000 9/10/2024 EUR 47.600
UBS AG/London 11.250 9/16/2024 EUR 46.450
Leonteq Securities AG 24.000 9/4/2024 CHF 44.120
Swissquote Bank SA 16.380 7/31/2024 CHF 8.480
Leonteq Securities AG/Gu 25.000 9/5/2024 EUR 45.260
Leonteq Securities AG/Gu 24.000 9/5/2024 CHF 45.390
UniCredit Bank GmbH 19.100 12/31/2024 EUR 26.330
UniCredit Bank GmbH 20.000 12/31/2024 EUR 25.760
Basler Kantonalbank 12.000 9/9/2024 EUR 49.230
UBS AG/London 10.500 9/23/2024 EUR 48.700
DZ Bank AG Deutsche Zent 21.100 9/27/2024 EUR 45.810
Landesbank Baden-Wuertte 16.000 6/27/2025 EUR 47.960
Bank Vontobel AG 10.250 8/5/2024 EUR 48.500
Bank Vontobel AG 13.500 1/8/2025 CHF 17.000
Evocabank CJSC 11.000 9/28/2024 AMD 0.000
Armenian Economy Develop 10.500 5/4/2025 AMD 0.000
Bank Vontobel AG 20.500 11/4/2024 CHF 39.100
Bank Vontobel AG 10.000 9/2/2024 EUR 45.700
Leonteq Securities AG/Gu 11.000 1/9/2025 CHF 45.460
UniCredit Bank GmbH 14.800 9/27/2024 EUR 23.960
UniCredit Bank GmbH 16.900 9/27/2024 EUR 22.770
UniCredit Bank GmbH 18.000 9/27/2024 EUR 22.280
Landesbank Baden-Wuertte 13.300 8/23/2024 EUR 36.480
Landesbank Baden-Wuertte 10.200 8/23/2024 EUR 44.710
UBS AG/London 10.000 3/23/2026 USD 22.940
Zurcher Kantonalbank Fin 24.000 11/22/2024 EUR 33.230
UniCredit Bank GmbH 13.800 9/27/2024 EUR 24.690
UniCredit Bank GmbH 15.800 9/27/2024 EUR 23.320
UniCredit Bank GmbH 19.100 9/27/2024 EUR 21.850
Corner Banca SA 11.500 8/13/2024 CHF 48.810
UniCredit Bank GmbH 18.800 7/25/2024 EUR 30.090
Leonteq Securities AG 24.000 7/3/2024 CHF 36.750
Landesbank Baden-Wuertte 18.000 11/22/2024 EUR 35.010
Landesbank Baden-Wuertte 14.500 11/22/2024 EUR 39.560
HSBC Trinkaus & Burkhard 17.400 12/30/2024 EUR 43.890
Leonteq Securities AG/Gu 14.000 7/3/2024 CHF 6.880
Landesbank Baden-Wuertte 11.000 11/22/2024 EUR 46.790
HSBC Trinkaus & Burkhard 18.300 9/27/2024 EUR 28.080
HSBC Trinkaus & Burkhard 19.600 12/30/2024 EUR 40.850
HSBC Trinkaus & Burkhard 13.600 9/27/2024 EUR 33.360
HSBC Trinkaus & Burkhard 15.900 9/27/2024 EUR 30.350
DZ Bank AG Deutsche Zent 13.100 9/27/2024 EUR 46.760
DZ Bank AG Deutsche Zent 11.000 9/27/2024 EUR 51.170
UniCredit Bank GmbH 18.100 9/5/2024 EUR 38.520
UBS AG/London 14.250 8/19/2024 CHF 29.220
UBS AG/London 25.000 7/12/2024 CHF 40.100
UniCredit Bank GmbH 19.500 12/31/2024 EUR 29.760
Swissquote Bank SA 21.320 7/17/2024 CHF 46.500
Swissquote Bank SA 26.040 7/17/2024 CHF 39.090
UniCredit Bank GmbH 18.600 12/31/2024 EUR 30.310
EFG International Financ 15.000 7/12/2024 CHF 26.490
Leonteq Securities AG/Gu 15.000 9/12/2024 USD 4.510
Swissquote Bank SA 26.120 7/10/2024 CHF 37.620
DZ Bank AG Deutsche Zent 14.000 12/20/2024 EUR 48.470
Leonteq Securities AG 24.000 7/17/2024 CHF 12.460
DZ Bank AG Deutsche Zent 17.800 9/27/2024 EUR 40.760
DZ Bank AG Deutsche Zent 17.900 9/27/2024 EUR 47.210
DZ Bank AG Deutsche Zent 16.800 9/27/2024 EUR 48.790
DZ Bank AG Deutsche Zent 23.500 9/27/2024 EUR 41.170
Leonteq Securities AG 28.000 8/21/2024 CHF 38.620
Leonteq Securities AG 20.000 8/21/2024 CHF 36.320
Landesbank Baden-Wuertte 18.500 8/23/2024 EUR 48.690
Landesbank Baden-Wuertte 20.000 8/23/2024 EUR 46.040
Landesbank Baden-Wuertte 10.000 8/23/2024 EUR 31.310
Landesbank Baden-Wuertte 15.000 8/23/2024 EUR 24.560
Leonteq Securities AG/Gu 20.000 7/3/2024 CHF 40.790
Leonteq Securities AG 26.000 7/3/2024 CHF 34.810
Swissquote Bank SA 23.990 7/3/2024 CHF 41.760
Basler Kantonalbank 22.000 9/6/2024 CHF 41.420
Landesbank Baden-Wuertte 14.000 10/24/2025 EUR 47.640
UniCredit Bank GmbH 13.500 2/28/2025 EUR 32.410
UniCredit Bank GmbH 13.900 11/22/2024 EUR 28.930
UniCredit Bank GmbH 14.300 8/23/2024 EUR 25.760
Leonteq Securities AG 20.000 7/3/2024 CHF 8.230
Corner Banca SA 15.000 7/3/2024 CHF 34.940
Societe Generale SA 16.000 8/1/2024 USD 23.300
Societe Generale SA 15.000 8/1/2024 USD 19.400
UniCredit Bank GmbH 13.400 9/27/2024 EUR 28.130
Zurcher Kantonalbank Fin 22.000 8/6/2024 USD 26.050
Leonteq Securities AG/Gu 21.000 8/14/2024 CHF 37.960
Leonteq Securities AG/Gu 22.000 8/14/2024 CHF 17.650
Leonteq Securities AG/Gu 24.000 8/14/2024 CHF 31.310
Vontobel Financial Produ 20.000 9/27/2024 EUR 48.330
Vontobel Financial Produ 18.500 9/27/2024 EUR 49.540
Vontobel Financial Produ 20.500 9/27/2024 EUR 48.700
UBS AG/London 19.000 7/12/2024 CHF 31.850
UBS AG/London 14.250 7/12/2024 EUR 6.340
Leonteq Securities AG/Gu 15.000 8/21/2024 CHF 50.550
Leonteq Securities AG 21.000 7/17/2024 CHF 46.410
Finca Uco Cjsc 13.000 5/30/2025 AMD 0.000
UniCredit Bank GmbH 15.200 12/31/2024 EUR 37.220
UniCredit Bank GmbH 16.100 12/31/2024 EUR 35.780
UniCredit Bank GmbH 17.000 12/31/2024 EUR 34.560
HSBC Trinkaus & Burkhard 14.300 9/27/2024 EUR 38.170
HSBC Trinkaus & Burkhard 11.900 9/27/2024 EUR 41.680
HSBC Trinkaus & Burkhard 13.400 3/28/2025 EUR 42.160
HSBC Trinkaus & Burkhard 13.800 7/26/2024 EUR 37.760
HSBC Trinkaus & Burkhard 10.900 8/23/2024 EUR 42.940
Leonteq Securities AG/Gu 22.000 9/11/2024 CHF 40.660
Raiffeisen Schweiz Genos 20.000 9/11/2024 CHF 40.700
UniCredit Bank GmbH 18.900 12/31/2024 EUR 32.680
UniCredit Bank GmbH 19.800 12/31/2024 EUR 31.920
HSBC Trinkaus & Burkhard 16.800 9/27/2024 EUR 35.420
HSBC Trinkaus & Burkhard 16.300 12/30/2024 EUR 37.620
HSBC Trinkaus & Burkhard 15.200 12/30/2024 EUR 38.510
Landesbank Baden-Wuertte 14.000 6/27/2025 EUR 42.890
HSBC Trinkaus & Burkhard 11.600 3/28/2025 EUR 44.510
HSBC Trinkaus & Burkhard 13.500 8/23/2024 EUR 38.730
HSBC Trinkaus & Burkhard 18.100 12/30/2024 EUR 35.280
HSBC Trinkaus & Burkhard 15.700 12/30/2024 EUR 38.100
Bank Vontobel AG 29.000 9/10/2024 USD 36.900
UniCredit Bank GmbH 18.000 12/31/2024 EUR 33.560
HSBC Trinkaus & Burkhard 13.100 12/30/2024 EUR 40.840
HSBC Trinkaus & Burkhard 11.100 12/30/2024 EUR 43.940
UBS AG/London 13.500 8/15/2024 CHF 43.000
Leonteq Securities AG 24.000 8/28/2024 CHF 45.800
Raiffeisen Schweiz Genos 20.000 8/28/2024 CHF 12.060
Swissquote Bank SA 23.200 8/28/2024 CHF 44.440
Leonteq Securities AG/Gu 22.000 8/28/2024 CHF 40.740
Basler Kantonalbank 24.000 7/5/2024 CHF 36.170
HSBC Trinkaus & Burkhard 12.400 9/27/2024 EUR 36.080
Landesbank Baden-Wuertte 10.000 6/27/2025 EUR 49.640
HSBC Trinkaus & Burkhard 11.100 7/26/2024 EUR 42.180
HSBC Trinkaus & Burkhard 16.200 8/23/2024 EUR 35.400
HSBC Trinkaus & Burkhard 17.700 9/27/2024 EUR 44.170
DZ Bank AG Deutsche Zent 14.400 9/27/2024 EUR 46.230
Basler Kantonalbank 21.000 7/5/2024 CHF 41.140
Swissquote Bank SA 24.040 9/11/2024 CHF 41.630
Leonteq Securities AG 18.000 9/11/2024 CHF 11.810
UniCredit Bank GmbH 13.800 8/23/2024 EUR 46.680
UniCredit Bank GmbH 14.200 11/22/2024 EUR 47.970
Lehman Brothers Treasury 16.000 10/8/2008 CHF 0.100
HSBC Trinkaus & Burkhard 17.500 12/30/2024 EUR 24.470
HSBC Trinkaus & Burkhard 18.750 9/27/2024 EUR 20.560
Lehman Brothers Treasury 14.900 9/15/2008 EUR 0.100
UniCredit Bank GmbH 18.800 12/31/2024 EUR 24.990
Lehman Brothers Treasury 18.250 10/2/2008 USD 0.100
Lehman Brothers Treasury 14.900 11/16/2010 EUR 0.100
Lehman Brothers Treasury 13.000 7/25/2012 EUR 0.100
Leonteq Securities AG/Gu 22.000 9/18/2024 CHF 48.690
UniCredit Bank GmbH 19.700 12/31/2024 EUR 24.860
Leonteq Securities AG 20.000 9/18/2024 CHF 21.790
Vontobel Financial Produ 11.000 12/31/2024 EUR 46.970
BNP Paribas Emissions- u 15.000 12/30/2024 EUR 49.630
BNP Paribas Emissions- u 17.000 12/30/2024 EUR 46.950
BNP Paribas Emissions- u 12.000 12/30/2024 EUR 50.300
BNP Paribas Emissions- u 16.000 12/30/2024 EUR 48.210
Leonteq Securities AG 24.000 7/10/2024 CHF 37.780
Leonteq Securities AG 26.000 7/10/2024 CHF 33.280
Leonteq Securities AG 20.000 8/28/2024 CHF 10.020
UniCredit Bank GmbH 15.000 8/23/2024 EUR 24.670
UniCredit Bank GmbH 12.900 11/22/2024 EUR 49.590
UniCredit Bank GmbH 14.700 11/22/2024 EUR 28.030
Bank Julius Baer & Co Lt 12.720 2/17/2025 CHF 40.750
Vontobel Financial Produ 18.000 9/27/2024 EUR 18.480
Vontobel Financial Produ 13.250 9/27/2024 EUR 43.450
Vontobel Financial Produ 10.000 9/27/2024 EUR 46.770
Landesbank Baden-Wuertte 19.000 4/28/2025 EUR 47.620
Leonteq Securities AG 24.000 1/9/2025 CHF 32.500
Leonteq Securities AG/Gu 24.000 7/10/2024 CHF 37.110
Citigroup Global Markets 14.650 7/22/2024 HKD 37.170
UniCredit Bank GmbH 19.300 12/31/2024 EUR 27.100
Leonteq Securities AG/Gu 23.290 8/29/2024 CHF 45.310
Landesbank Baden-Wuertte 16.500 4/28/2025 EUR 48.300
Leonteq Securities AG 25.000 12/11/2024 CHF 49.010
BNP Paribas Issuance BV 19.000 9/18/2026 EUR 0.980
Landesbank Baden-Wuertte 15.000 9/27/2024 EUR 45.710
Landesbank Baden-Wuertte 17.000 9/27/2024 EUR 42.240
Landesbank Baden-Wuertte 18.500 9/27/2024 EUR 40.320
Landesbank Baden-Wuertte 10.500 11/22/2024 EUR 46.600
Landesbank Baden-Wuertte 16.000 11/22/2024 EUR 37.930
UniCredit Bank GmbH 13.500 9/27/2024 EUR 35.580
UniCredit Bank GmbH 14.900 9/27/2024 EUR 33.780
UniCredit Bank GmbH 13.500 12/31/2024 EUR 38.770
Corner Banca SA 23.000 8/21/2024 CHF 39.460
Leonteq Securities AG 24.000 8/21/2024 CHF 41.960
HSBC Trinkaus & Burkhard 22.250 6/27/2025 EUR 38.170
HSBC Trinkaus & Burkhard 12.750 6/27/2025 EUR 47.380
Leonteq Securities AG 24.000 9/25/2024 CHF 46.440
Raiffeisen Schweiz Genos 20.000 9/25/2024 CHF 22.790
Raiffeisen Schweiz Genos 20.000 9/25/2024 CHF 18.360
UniCredit Bank GmbH 17.200 12/31/2024 EUR 23.180
UniCredit Bank GmbH 18.000 12/31/2024 EUR 23.090
UniCredit Bank GmbH 18.800 12/31/2024 EUR 23.010
UniCredit Bank GmbH 19.600 12/31/2024 EUR 22.970
Lehman Brothers Treasury 10.500 8/9/2010 EUR 0.100
Lehman Brothers Treasury 10.000 3/27/2009 USD 0.100
HSBC Trinkaus & Burkhard 17.500 6/27/2025 EUR 39.940
HSBC Trinkaus & Burkhard 11.250 6/27/2025 EUR 30.730
HSBC Trinkaus & Burkhard 15.500 6/27/2025 EUR 29.300
Leonteq Securities AG 23.000 12/27/2024 CHF 24.750
ACBA Bank OJSC 11.000 12/1/2025 AMD 0.000
Leonteq Securities AG/Gu 15.000 7/24/2024 CHF 8.520
Raiffeisen Schweiz Genos 20.000 7/24/2024 CHF 40.560
BNP Paribas Issuance BV 20.000 9/18/2026 EUR 27.040
Lehman Brothers Treasury 11.000 12/19/2011 USD 0.100
Lehman Brothers Treasury 15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasury 13.500 11/28/2008 USD 0.100
Lehman Brothers Treasury 11.000 6/29/2009 EUR 0.100
Societe Generale SA 20.000 1/3/2025 USD 7.400
Bank Vontobel AG 15.500 11/18/2024 CHF 42.000
UniCredit Bank GmbH 10.500 9/23/2024 EUR 24.960
Societe Generale SA 15.000 10/31/2024 USD 28.575
Leonteq Securities AG/Gu 23.000 7/24/2024 CHF 36.640
Leonteq Securities AG/Gu 27.000 7/24/2024 CHF 7.040
HSBC Trinkaus & Burkhard 17.300 9/27/2024 EUR 24.630
HSBC Trinkaus & Burkhard 14.800 12/30/2024 EUR 28.470
HSBC Trinkaus & Burkhard 15.100 3/28/2025 EUR 40.370
HSBC Trinkaus & Burkhard 15.200 12/30/2024 EUR 32.320
HSBC Trinkaus & Burkhard 18.100 3/28/2025 EUR 31.250
HSBC Trinkaus & Burkhard 18.000 7/26/2024 EUR 32.800
HSBC Trinkaus & Burkhard 17.400 8/23/2024 EUR 34.010
HSBC Trinkaus & Burkhard 13.800 8/23/2024 EUR 37.780
HSBC Trinkaus & Burkhard 13.100 10/25/2024 EUR 39.710
HSBC Trinkaus & Burkhard 15.700 11/22/2024 EUR 37.310
Erste Group Bank AG 14.500 5/31/2026 EUR 45.200
HSBC Trinkaus & Burkhard 13.400 12/30/2024 EUR 29.450
HSBC Trinkaus & Burkhard 18.000 9/27/2024 EUR 34.270
HSBC Trinkaus & Burkhard 15.400 9/27/2024 EUR 36.660
HSBC Trinkaus & Burkhard 12.100 9/27/2024 EUR 40.630
HSBC Trinkaus & Burkhard 11.400 12/30/2024 EUR 43.020
HSBC Trinkaus & Burkhard 16.000 3/28/2025 EUR 39.700
HSBC Trinkaus & Burkhard 11.000 3/28/2025 EUR 45.140
HSBC Trinkaus & Burkhard 11.500 6/27/2025 EUR 45.870
Bank Vontobel AG 25.000 7/22/2024 USD 19.300
HSBC Trinkaus & Burkhard 19.600 12/30/2024 EUR 29.630
HSBC Trinkaus & Burkhard 14.400 3/28/2025 EUR 33.320
HSBC Trinkaus & Burkhard 14.100 7/26/2024 EUR 36.780
HSBC Trinkaus & Burkhard 10.000 11/22/2024 EUR 44.980
UBS AG/London 17.500 2/7/2025 USD 14.420
HSBC Trinkaus & Burkhard 17.500 9/27/2024 EUR 37.050
HSBC Trinkaus & Burkhard 19.600 11/22/2024 EUR 31.110
HSBC Trinkaus & Burkhard 10.200 10/25/2024 EUR 44.400
HSBC Trinkaus & Burkhard 12.800 11/22/2024 EUR 40.470
Raiffeisen Switzerland B 12.300 8/21/2024 CHF 9.100
Bank Vontobel AG 10.000 8/19/2024 CHF 6.400
UBS AG/London 28.000 9/23/2024 USD 2.360
HSBC Trinkaus & Burkhard 11.200 12/30/2024 EUR 31.790
HSBC Trinkaus & Burkhard 14.100 12/30/2024 EUR 39.570
HSBC Trinkaus & Burkhard 13.400 6/27/2025 EUR 43.080
HSBC Trinkaus & Burkhard 17.400 12/30/2024 EUR 30.850
HSBC Trinkaus & Burkhard 19.000 3/28/2025 EUR 30.970
HSBC Trinkaus & Burkhard 16.300 3/28/2025 EUR 31.780
Bank Vontobel AG 18.000 7/19/2024 CHF 38.300
UBS AG/London 19.500 7/19/2024 CHF 38.500
EFG International Financ 11.120 12/27/2024 EUR 35.220
Teksid Aluminum Luxembou 12.375 7/15/2011 EUR 0.619
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 1.316
Societe Generale SA 27.300 10/20/2025 USD 7.720
UBS AG/London 13.750 7/1/2024 CHF 32.550
Landesbank Baden-Wuertte 11.000 1/3/2025 EUR 28.280
Landesbank Baden-Wuertte 13.000 1/3/2025 EUR 26.530
Societe Generale SA 16.000 8/30/2024 USD 21.000
Societe Generale SA 15.000 8/30/2024 USD 18.000
Leonteq Securities AG/Gu 20.000 9/26/2024 USD 13.930
Corner Banca SA 18.500 9/23/2024 CHF 9.580
UkrLandFarming PLC 10.875 3/26/2018 USD 4.202
UBS AG/London 20.000 11/29/2024 USD 16.770
Virgolino de Oliveira Fi 11.750 2/9/2022 USD 0.638
Bank Vontobel AG 10.000 11/4/2024 EUR 48.200
Landesbank Baden-Wuertte 15.500 9/27/2024 EUR 31.960
Societe Generale SA 20.000 9/18/2026 USD 15.100
Societe Generale SA 11.750 9/18/2024 USD 48.700
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
Bilt Paper BV 10.360 USD 0.551
Societe Generale SA 18.000 10/3/2024 USD 18.800
Societe Generale SA 20.000 10/3/2024 USD 32.000
Societe Generale SA 18.000 10/3/2024 USD 19.200
EFG International Financ 10.300 8/23/2024 USD 10.530
Credit Agricole Corporat 10.200 12/13/2027 TRY 47.542
Evocabank CJSC 11.000 9/27/2025 AMD 10.258
Ameriabank CJSC 10.000 2/20/2025 AMD 0.000
UniCredit Bank GmbH 13.000 11/22/2024 EUR 51.810
UniCredit Bank GmbH 13.900 8/23/2024 EUR 48.900
UniCredit Bank GmbH 12.600 8/23/2024 EUR 51.310
Deutsche Bank AG/London 12.780 3/16/2028 TRY 47.370
Armenian Economy Develop 11.000 10/3/2025 AMD 0.000
Zurcher Kantonalbank Fin 12.000 10/4/2024 EUR 50.570
Leonteq Securities AG/Gu 12.000 9/3/2024 EUR 47.900
UBS AG/London 14.500 10/14/2024 CHF 44.200
Leonteq Securities AG/Gu 13.000 10/21/2024 EUR 49.390
UBS AG/London 15.750 10/21/2024 CHF 46.750
UniCredit Bank GmbH 10.500 4/7/2026 EUR 45.180
DZ Bank AG Deutsche Zent 12.000 9/25/2024 EUR 49.150
Societe Generale SA 15.000 7/3/2024 USD 20.100
Landesbank Baden-Wuertte 11.500 9/27/2024 EUR 39.830
UniCredit Bank GmbH 11.000 8/23/2024 EUR 45.720
UniCredit Bank GmbH 10.700 2/17/2025 EUR 25.160
UniCredit Bank GmbH 10.100 8/23/2024 EUR 47.510
UniCredit Bank GmbH 10.800 8/23/2024 EUR 49.720
UniCredit Bank GmbH 10.700 2/3/2025 EUR 24.920
UBS AG/London 15.750 7/25/2024 EUR 46.950
Lehman Brothers Treasury 10.000 10/23/2008 USD 0.100
Lehman Brothers Treasury 10.000 10/22/2008 USD 0.100
Lehman Brothers Treasury 16.000 10/28/2008 USD 0.100
Lehman Brothers Treasury 16.200 5/14/2009 USD 0.100
Lehman Brothers Treasury 10.000 5/22/2009 USD 0.100
Lehman Brothers Treasury 15.000 6/4/2009 CHF 0.100
Lehman Brothers Treasury 17.000 6/2/2009 USD 0.100
Lehman Brothers Treasury 23.300 9/16/2008 USD 0.100
Lehman Brothers Treasury 11.000 7/4/2011 CHF 0.100
Lehman Brothers Treasury 16.000 12/26/2008 USD 0.100
Lehman Brothers Treasury 13.432 1/8/2009 ILS 0.100
Lehman Brothers Treasury 13.150 10/30/2008 USD 0.100
Lehman Brothers Treasury 16.800 8/21/2009 USD 0.100
Lehman Brothers Treasury 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasury 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasury 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasury 11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasury 10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasury 13.000 2/16/2009 CHF 0.100
Lehman Brothers Treasury 11.750 3/1/2010 EUR 0.100
Lehman Brothers Treasury 13.000 12/14/2012 USD 0.100
Lehman Brothers Treasury 12.000 7/13/2037 JPY 0.100
Finca Uco Cjsc 13.000 11/16/2024 AMD 0.000
Lehman Brothers Treasury 10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasury 16.000 11/9/2008 USD 0.100
Lehman Brothers Treasury 10.442 11/22/2008 CHF 0.100
Lehman Brothers Treasury 13.500 6/2/2009 USD 0.100
Lehman Brothers Treasury 12.400 6/12/2009 USD 0.100
Lehman Brothers Treasury 10.000 6/17/2009 USD 0.100
Lehman Brothers Treasury 11.000 7/4/2011 USD 0.100
Lehman Brothers Treasury 12.000 7/4/2011 EUR 0.100
Lehman Brothers Treasury 14.100 11/12/2008 USD 0.100
Lehman Brothers Treasury 11.250 12/31/2008 USD 0.100
Lehman Brothers Treasury 10.000 6/11/2038 JPY 0.100
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN 1529-2754.
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