Boparan’s £475m 7.625% 2025 SSNs are up almost four-points following the release of Q3 22 results (to end-April) this morning (22 June). The positive reaction follows a decent uptick in EBITDA margins to levels touted at the time of the credit’s stressed refinancing in November 2020. Price negotiations signalled in Q1 22 have finally come through and lags on cost pass-throughs mostly removed. A covenant breach was effectively taken off the table, although like its Q2 22 results in March, the UK-based poultry producer ended up only barely scraping through.