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November 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the twenty-two companies recommendation changes made on European companies during the month of November.
Focused

Aldesa: Mixed 3Q18 With Some High Points

HY Note: 28 Nov 2018, 10:47 PM ET - Aldesa (B2/B)'s third quarter financials had some mixed elements, including a drop in revenues, lower margins and a higher working capital outflow.
Focused

Aldesa: Why Has The Bond Price Collapsed?

HY Note: 15 Nov 2018, 9:57 PM ET - In this article, we have tried to analyse the potential key drivers behind the collapse in Aldesa's bond price in the last two to three weeks.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

HY Construction: Update on ASTIM, CMCRAV, IPGIM

Sector Analysis: 11 Oct 2018, 10:30 PM ET - In a sector that has been beset with volatility and turmoil in the last five weeks, we are publishing this note to again update investors on our thinking on the Italian High Yield Construction space.
Focused

Aldesa: Not Italy Construction, Still a Spec Buy

Earnings Note: 19 Sep 2018, 11:54 PM ET - We reiterate our Speculative Buy Recommendation on Aldesa for those investors who are willing and able to take any footholds into a sector beset by idiosyncratic risk and a reputation for financial failure.

Euro HY Construction: Carnage Gives Way to Chaos

Sector Analysis: 19 Sep 2018, 11:52 PM ET - After a week of chaos, we publish this piece to briefly update investors of our thought process on the single B / triple C European High Yield Construction names. 

Astaldi: Drags Sector Down with Results Delay

HY Note: 03 Sep 2018, 9:34 PM ET - Astaldi / ASTIM (Caa1▼, CCC- Watch Developing, B▼) bonds fell off again today after Friday's post-close announcement from the company that they have, yet again, postponed the publication date for the 1H18 results.

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: European Construction

Transcript: 20 Jun 2018, 10:48 PM ET - In this article, we transcribe our presentation from CreditSights' European High Yield Conference on the Rise & Fall of European HY Construction. 

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.
Focused

Aldesa 1Q18: Still Solid, Buy On Weakness

Earnings Note: 31 May 2018, 8:36 AM ET - We reiterate our Buy Recommendation on Aldesa following a solid set of 1Q18 results yesterday morning amid the on-going turmoil in the Italian Construction credits.
Focused

Aldesa – New HY Issue Report (€300 mn 7NC3)

Company Spotlight: 03 May 2018, 8:50 AM ET - Aldesa (B2/B) is roadshowing a €300 mn senior secured bond (NC3) due 2025, to finance the redemption of the existing €250 mn 7.25% 2021 senior secured notes.

Astaldi/Aldesa: No News Prompts Switch Trade?

HY Note: 27 Apr 2018, 10:22 AM ET - Astaldi and Aldesa moved in opposite directions today after the Italian HY Construction credit failed to report any progress in its capital increases / rescue plan. 

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 
Focused

Aldesa: Capital Markets Day Supports the Buy Case

Company Spotlight: 11 Apr 2018, 10:19 PM ET - Aldesa's recent Capital Markets Day provided a good window into the credit that supported our current Buy Recommendation on the name. 
Focused

Aldesa & Astaldi: Good News First or Bad News?

Company Analysis: 21 Mar 2018, 11:34 PM ET - Two items of news flow have emerged in the last 24 hours on Astaldi and Aldesa that highlight the differences between the Spanish and Italian High Yield Construction credits, Aldesa (7.25% 21s) and Astaldi (7.125% 20s).

CRH vs SGO – 2017 Peer Comp and RelVal Assessment

Company Analysis: 06 Mar 2018, 10:06 PM ET - In the wake of our detailed analysis of 2017 financials and 2018 outlook, we are rolling our Outperform Recommendation on CRH and Underperform on Saint Gobain.

2018 Outlook: European IG Building Materials

Sector Outlook: 05 Feb 2018, 10:22 PM ET - In this piece, the third of our Global Building Materials & Construction series, we review our outlook for the European Construction Aggregates sub-sector of the BAML High Grade Index. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

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