EP 22 | European Heat, Dry Rivers, and Virgin Media's 22 Billion Question

Europe's rivers are running low, and the credit implications are running deeper than the earnings calls suggest. Phoebe Appenteng (   / phoebeap   ) and Katie McMahon (   / krmcmahon   ) take it on in the latest Credit Lens: Europe & Beyond, joined by Wayne Jambawo (   / wayne-jambawo-8a16b8132   ), Financial Analyst at Octus ( https://octus.com/ ). 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 ( https://www.currenta.de/en/ ) and points at Lanxess ( https://lanxess.com/en-gb ), BASF ( https://www.basf.com/gb/en ), and INEOS ( https://www.ineos.com/ ) 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 ( https://www.virginmedia.com/ ) 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? ----more----Hosted by Phoebe Appenteng (   / phoebeap   ) and Katie McMahon (   / krmcmahon   ) Guest: Wayne Jambawo (   / wayne-jambawo-8a16b8132   ), Financial Analyst, Octus Produced by Charlie Hall (   / charlie-hall-b2650b137   ) Edited by Fawaz Muhammed (   / fawaz-muhammed-172a391a5   ) A Production of The Octus Podcast Network ( https://octus.com/resources/the-octus... ) Credit Lens: Europe & Beyond Episode 22, Season 1 August 19, 2026 ★ Episode details: https://share.transistor.fm/s/927384bb