Ardagh - comment

The SSNs being downgraded to B- by S&P shouldn’t impact the pricing of the bonds much. The appointment of advisors by the company and creditors last month has highlighted the issues around the $700m maturity this month and the $2.7bn in August 2026. Interestingly, Ardagh Metal Packaging (AMP) has also been downgraded by two notches to B+ (SSN) and B- (SUNs) despite the lack of cross-default language. We are long the AMP SUNs and short the Ardagh Group SUNs. 

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