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A new cost savings programme in Aurdel. Consumers remain under pressure. The bond is attractive for risk-seekers.
Proactive inventory write-downs in Q1. Demand prospect has improved. We are neutral on the bond.
This year we have 69 high yield issuers in our booklet, including a one-page summary of each credit and key focus areas and any credit triggers.
Covenant breach in Q4. Still overstocked. A wider bond spread is warranted.
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