Lowell Ad Hoc 3Q20 Prelim: Plot Twist? 

Where would we be without Lowell popping up to spice up an increasingly locked-down October?

We infer from the unplanned release that some type of corporate machinations are bubbling, perhaps to take up the refinancing chatter from where it left off in the summer.

Numbers move the big picture in a positive direction although question marks around the sustainability of the impressive margin expansion remain.

We discuss implications for any refi/takeout scenario for CDS below, including the likelihood, or otherwise, of the SSNs being "Stonegated" for deliverability purposes. 



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