Together Financial Services Limited
Please see note below: Together Financial Services – April 2018
AA Plc
AA provides automobile insurance and breakdown cover. Its heritage dates back to 1905 when the company was founded by a group of motoring enthusiasts. Today there are more than 3m members. In 2004 the group was acquired by private equity groups CVC and Permira. The group IPO’d in 2014, subsequently selling AA Ireland in 2016.... Read More →
Wasps Rugby Club – Update
ISIN Issue Out Coupon Min Piece Maturity Bid Offer Ask YTM Spread XS1221940510 £35mn 6.5% £2k May 2022 99.75 101 6.23% Gilts + 536bps On 21st December Wasps concurrently applied for approval from Bondholders to amend and waive some of the terms and conditions contained in the trust deed, as well as releasing... Read More →
Aston Martin
Aston Martin (“AM”) has been through its ups and downs during its long history, but it maintains a unique and distinguished brand and has worked long and hard to put itself on a solid financial and operational footing. Over the years its bonds have generally traded higher than the credit profile would suggest, thanks to... Read More →
CenturyLink Inc
CenturyLink Inc (CTL) is a major telecoms company with a long history, a $17.4bn market cap, $26bn in combined revenue and 52,500 employees. It provides a large array of products and services to residential and business customers, including local and long-distance voice, broadband, hosting, video, network, IT, security and various other services. The acquisition of... Read More →
Stena Q3 update
It’s hard going, but Stena will make it through the end of 2017 with a profit despite the tough drilling and LNG shipping markets. It will be an uncomfortable ride for a while yet as we wait to see how successful Stena is at eking out some contracts on the drillships, but it still has... Read More →
Taseko
Taseko Bond Ticker: TKOCN Equity Ticker: TKO CN Isin Issue Size Rating M / S&P Coupon Min Piece Maturity Next Call Offer YTM US876511AC01 250 B3 / B- 8 ¾ 1000 June ‘22 June ’19 @ 104 3/8 102 8.25 Bonds issued by the copper miners have recovered along... Read More →
Pizza Express
Pizza Express Ticker: PIZEXP Isin Issue Size Rating M / S&P Coupon Min Piece Maturity Next Call Offer YTW Govt Spread XS1028948120 £465mn B2 / B- 6.625% s/a £100k Aug 2021 Now to Aug 2018 @ 103.313 98.25 7.16% + 649bps XS1028948047 £200mn Caa1 / CCC 8.625% s/z £100k Aug... Read More →
Liberty Interactive LLC (QVC Group)
Liberty Interactive LLC (QVC Group) Ticker: LINTA Liberty Interactive, trading under the tracker stocks QVCA US (market cap $10.8bn) and LVNTA US (market cap $4.9bn), is currently undergoing a number of corporate actions that will result in it focusing almost exclusively on QVC, its retailing business. QVC will be boosted by the... Read More →
Transocean Ltd
Transocean (RIG) has been confronted with significant challenges during the current decade: the Deepwater Horizon disaster followed by lower oil prices. The former has largely been dealt with and the latter has not stopped the company from generating cash flow and reducing debt despite lower returns. It has narrowed its strategic focus to deepwater and... Read More →