{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Credit Lens: Europe & Beyond","title":"EP 22 | European Heat, Dry Rivers, and Virgin Media's 22 Billion Question","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/927384bb\"></iframe>","width":"100%","height":180,"duration":1394,"description":"Europe's rivers are running low, and the credit implications are running deeper than the earnings calls suggest. Phoebe Appenteng and Katie McMahon take it on in the latest Credit Lens: Europe & Beyond, joined by Wayne Jambawo, Financial Analyst at Octus.\n\nThe conversation opens on why the Rhine and Danube dropping to record lows is not a chemicals story alone (02:06), before working through the second-order hits across ice cream manufacturers, packaging, care homes, and any issuer with unhedged power exposure (03:45). Wayne flags Currenta and points at Lanxess, BASF, and INEOS as names where the market is still underpricing recurrence risk after four droughts in nine years (05:23).\n\nThe back half turns to Virgin Media O2, the 200 million pound dividend that landed days after the senior unsecured tanked, and where the vendor financing notes actually sit in the waterfall (17:41).\n\nA look at two questions credit professionals should be asking now: is climate a recurring cash flow risk, and what does the VMed cap stack really recover?\n----more----\nHosted by Phoebe Appenteng and Katie McMahon\nGuest: Wayne Jambawo, Financial Analyst, Octus\nProduced by Charlie Hall\nEdited by Fawaz Muhammed\nA Production of The Octus Podcast Network","thumbnail_url":"https://img.transistorcdn.com/4zp4Q3QRuh8waouk_crEwm7yJrD45l826Dr-I_-WrXA/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS80MTM1/M2JjNDMxNzBhODMy/ZTIzNDY4NmNmNDQx/NWUxOC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}