A Spanish auto supplier quietly filed for insolvency without telling its bondholders. A UK utility is dangling a golden share at the government to fend off nationalization. Two of the messier situations in European credit right now, worked through in one episode.
Phoebe Appenteng and
Katie McMahon are joined by
Rob Schach, managing editor, EMEA at
Octus, to unpack
Grupo Antolin's restructuring, from the banks-first deal that offered bondholders a 32.5% haircut (
04:10) to the covert Spanish filing that bondholders only discovered through a Chapter 15 petition in the US (
05:31). Rob walks through the Rule in Gibbs claim, the winding-up petitions, and where he thinks the leverage actually sits (
06:16).
Then Phoebe and Katie turn to
Thames Water, the £20 billion cap stack, the London and Valley Water consortium's revised offer, and what a golden share modeled on
Rolls Royce would actually mean (
17:28). They close with a blind water taste test to identify which glass came from the Thames (
21:19).
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What is Credit Lens: Europe & Beyond?
Credit Lens: Europe & Beyond explores the people, stories, and forces shaping credit across EMEA and beyond.
Hosted by Octus editor Phoebe Appenteng and reporter Katie McMahon, Credit Lens: Europe & Beyond brings timely analysis and context on distressed debt, restructurings, new issuance, private capital flows, and the political and economic shifts moving markets.
It is made for credit investors, legal advisors, syndicate desks, and anyone curious about how European credit really works. Each episode is smart, conversational, and focused on what matters most.
New episodes every two weeks.