SBB - comment
The ending of talks with Brookline, to sell the remaining 51% of SBB EduCo, is negative for the shorter end of the SBB curve. The press release left the door open for Brookline to return to the table, but we guess the price will be lower than SBB originally hoped (also see our analysis).
It is possible that SBB cannot get the banks to agree to roll their debt, in which case selling the rest of EduCo at a large discount would not help save SBB. Either way, without the EduCo sale, management will need to find a buyer for the whole business.