Aston Martin - comment

With coupon guided at 10%+ on the $, the fall in cash interest from the refinancing will be modest. The company is expecting to be free cash flow positive and will want the flexibility to refinance again in three years. Aston will be attracted by a 5NC2 structure, with a first call at par+50% coupon. The upgrade to B3/B- at Moody’s/S&P will help open the name to CLO investors. The notes will be volatile, and we could look to get involved in weakness.