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.
The 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).
The 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).
A 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?
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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.