M&S shows opportunity in idiosyncratic risk

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M&S shows opportunity in idiosyncratic risk

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File photo dated 29/5/2018 of a branch of Marks & Spencer. Ocado and Marks & Spencer have announced the creation of a joint venture, in a move which the companies say will transform online grocery shopping. | Yui Mok/PA Wire/PA Images

Seasoned credit investors are painfully familiar with shareholder-friendly actions. Leveraged buyouts, debt-financed share buybacks and special dividends can all deliver nasty surprises to bondholders.

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