Please find our unchanged analysis here.

There was a moment during the pandemic, where Stena’s fine print and legal structure had come into view. Oil had slumped and the virus was about. Never again would we need those drillships. Ferries were being replaced with Zoom. Bulk and LNG were strong, but

P&O Ferries, owned by DP-Wold in Dubai and the UK’s largest ferry operator, has asked all ships to remain in port today “ahead of a major announcement”. Press is speculating on

Please refer to our unchanged analysis here. We will be updating in the near future.

As cargo revenue once again outperformed our model, the company remains flush with liquidity. But

Please find our unchanged analysis here.

That the SUNs be taken out first may have been part of our extended thesis (upside from orphaning) for selling the CDS, but so far we are not seeing the benefit.

Orphaning:

Please find our unchanged analysis here.

We have been procrastinating on this trade a little bit, primarily, because it does not really aim at a specific event. The aim of the trade instead is to generate

Please find our analysis and IM here.

We have modelled both the restricted and unrestricted group by division, including required transfers between the groups, and analysed the legal waterfall and game theory. In short, we see the bonds