The high-yield notes of Concordia Bus, a Swedish bus-service provider brought to market by Goldman Sachs in 2002, floundered last week in a European market that was otherwise better-bid across the board, according to traders. Concordia's 11% notes of '10 dropped more than five points to settle in the high 50s last week on the back of a Standard & Poor's downgrade from triple-C to double-C due to liquidity concerns. "If Concordia fails to increase cash flows and profitability...it is likely the group will fail to make its debt-servicing commitments in February 2005," said Leigh Bailey, credit analyst at S&P in London. The €160 million unsecured deal was originally distributed by Goldman.
