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European Debt Collectors: 1H18 Scorecard

Earnings Note: 08 Oct 2018, 10:24 PM ET - Loud shorts and growing scepticism have pushed spreads out during 2018 denting HY market access with Brexit/Italian populism key risks. Still, operating KPIs are largely positive, although the rate of investment continues to stress metrics.

Italian Banks: Updated Credit View

Sector Analysis: 02 Oct 2018, 10:50 AM ET - Given heightened domestic political risk, we expand on our Italian banks credit view published post Government budget approval last week. We downgrade Intesa to Market perform (from Outperform).

CreditSights 2018 London Global Financials Seminar

Announcement: 23 Sep 2018, 9:54 PM ET - Today we're kicking off our Global Financials Seminar series in London, from 1pm.

CreditSights 2018 London Global Financials Seminar

Announcement: 18 Sep 2018, 9:31 PM ET - There’s less than one week to go before our Global Financials Seminar series kicks off in London on Monday 24th September from 1pm.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

US Banks: 2018 CCAR - It's OK to Breach Limits?

Sector Analysis: 29 Jun 2018, 5:15 AM ET - The Fed released the 2018 CCAR results. It did not object to the capital plans of 34 of the 35 banks, the exception being DB USA, Deutsche Bank's IHC. The Fed did not force a number of banks that fell below the minimums to raise capital.

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: Debt Collectors

Transcript: 21 Jun 2018, 9:05 PM ET - In this article, we transcribe our Debt Collectors presentation for CreditSights' 2018 Euro High Yield Conference in which we explored the boundaries of comfort around the DC operating model and evaluate companies.
Focused

Anacap 1Q18: Its My Party...

Earnings Note: 22 May 2018, 10:15 PM ET - Just when a bumper 1Q18 with a strong beat in metrics and a sector-leading balance sheet boosted the feelgood factor at Anacap, Italy gate-crashed the festivities. Is a 5.6% YTW enough given the risk to sentiment?

April 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 30 Apr 2018, 9:21 PM ET - Our monthly report provides executive summaries for the thirteen companies recommendation changes made on European companies during the month of April.
Focused

Anacap FY17: A Different Kettle of Fish

Earnings Note: 17 Apr 2018, 10:39 PM ET - Anacap's exotic mix of Debt Portfolio assets showed momentum generally going in the right direction in FY17  albeit execution risks are higher than vs. the DC peers. Is a 5.5% yield enough for this sort of high beta name? 
Focused

European High Yield Debt Collectors: 2018 Outlook

Sector Outlook: 15 Jan 2018, 9:19 PM ET - We discuss key themes and update our views on RV for European HY debt collector credits. In 2018, we are not expecting improving credit fundamentals and we have a cautious view on the sector.

December 2017 Company Coverage Initiated

Company Coverage Initiated: 01 Jan 2018, 6:36 PM ET - Our monthly report provides executive summaries for the seven companies on which we launched coverage in the Americas and Europe during the month of December.
Focused

2017 Euro Conference: Debt Collectors

Transcript: 13 Dec 2017, 6:11 PM ET - In this presentation we discuss multiple topics related to European debt collectors. These include the sustainability of the business model, sector trends, importance of the cycle and certain issues that we have with the sector.  
Focused

AnaCap: Solid 3Q17, But Business Risk is High

Worth Watching: 04 Dec 2017, 10:38 AM ET - AnaCap Financial Europe S.A. (AnaCap) (secured: B1/BB-) reported strong results for 3Q17. In a sector where disclosure is far from ideal, interpreting the quarterly results is even more difficult as the company was formed during the quarter on ..

European Bank RelVal: Setting The Scene

Sector Analysis: 10 Oct 2017, 6:49 AM ET - Primary issuance is driving market activity in the bank credit space. September started with a bang, with new issues pricing into secondaries, illustrating that there is a lot of cash still out there looking for a home.

Euro Financial Movers: Catalan Cataclysm

Euro Financial Movers: 08 Oct 2017, 9:55 PM ET - Catalan independence, updated MREL and NPL guidance, rating actions on Deutsche Bank and RBS, new issuance in insurance including an RT1, soft P&C reinsurance renewals.

Euro Insurers: Exposure to Harvey

Worth Watching: 30 Aug 2017, 4:29 AM ET - Euro Insurers will certainly be exposed to the nat cat Harvey that has recently occurred in Texas, USA. But, at this stage, the difficulty is to know how much they are exposed to Harvey. We think it is too early to have a fair opinion on their ..

CNP: 1H17 Business Profile Changes

Earnings Note: 31 Jul 2017, 1:47 PM ET - While CNP released relatively good 1H17 earnings on the back of a better business mix, we remain concerned about its prospective risk profile because of the upcoming challenges in terms of partnerships and distribution agreements.

Mapfre: Good but Volatile Profitability due to F/X

Worth Watching: 26 Jul 2017, 11:43 AM ET - Mapfre  released relatively good 1H17 earnings. Mapfre reported net income of €415.1 mn (up 9.1% YoY) stemming from an increase in premiums (+5.4% YoY to €13,073.1 mn), a relatively stable but disappointing combined ratio of 97.2% (-0.4 pp YoY) ..

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