Please find our all-new, if preliminary analysis, on TUI here.
In our first take, we are in particular focusing on the monthly and quarterly working capital movements and their impact on liquidity. The aim is to
The Germany lockdown is coming. Cabinet ministers have today agreed on a law to allow the Federal Government to intervene in areas where Covid-19 infections exceed 100 per every 10,000 inhabitants over a 7 day period (Incidence Rate). Please see the link to the map. This is the case
While we are building an all-new, simpler model of Takko, we continue to monitor the situation in Berlin.
The pandemic is highlighting the limits of Germany’s consensus-based federal system -
Tui bondholders are counting their lucky stars as the Company announced another wave of financial support, this time a €500m shareholder rights issue combined with further government support. The proceeds of
Tui bonds sit in a unique position. From a pure credit perspective, the bonds should trade lower than current levels, with significant uncertainty over future liquidity remains. However, the bonds
Press reports yesterday reported on plans that TUI are seeking to raise further finances to navigate through the Covid-19 crisis. Handelsbatt, the German financial paper, reports that Alexey Mordashov, TUI’s largest sharehoder has already committed €300m. Additionally, the Company is expected
No major surprises in the reported numbers to the end of June. However, several analyst questions focused on the cash outflow from quarter end (June 30th) to yesterday of c.€800m and having spend more time on the numbers we are
Hard to base analysis on the likelihood of further government support, but TUI bondholders have lucked out with an additional €1.2bn of liquidity, €1.05bn provided by means
Still going through the details of tStill going through the details of the results, but a couple of points to make:
1 The covenants on the RCF have been suspended and will be tested in September 2021. This is prior to
Below is an account of each of the names we follow and have begun work on in the context of Covid19 and Oil prices. Several names stand out as having become either uninvestible or outright attractive - already now.
Its been some time since we thought about something… so here goes: Which HY companies could be impacted from the Boeing 737 Max? We note that 1) the grounding of planes could have a negative
Further comments from Tomas on TUI this morning:
Negative. Although the focus