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Focused

Arrow 3Q18: Taming the Beast

HY Note: 12 Nov 2018, 10:50 PM ET - The Arrow deal machine was deconstructed at the Investor Day  and the deep dive into strategy/operations was reassuring in the main. Talk was of a pull back in expansion as volatile times need a steady base, but can Arrow really change?
Focused

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: 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

Arrow 1Q18: On the Margin

Earnings Note: 10 May 2018, 10:58 PM ET - The usual Arrow story of growth and diversification was interrupted in 1Q18 by the recurrence of volatility in cost ratios and flat EBITDA. Explanations were reasonable, but light on specifics. We were guided to margin improvement in 2H18.

March 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 Apr 2018, 9:44 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of March.
Focused

Arrow Global: New Issue & Tap – After Solid 4Q17

Worth Watching: 06 Mar 2018, 5:07 AM ET - Arrow Global (Secured: Ba3/BB) is in the market with a secured €250 mn 8NC2 FRN and a tap of its existing secured 5.125% 09/'24s sterling fixed rate notes with a £130 mn offering. The UoP, (see table below), is to redeem the existing Euro 2023 FRN ..
Focused

Arrow Global: “Driving Earnings & Dividend Growth”

Earnings Note: 02 Mar 2018, 12:02 PM ET - Arrow reported good results with solid growth in collections. The market update on the pricing environment for NPLs and the collection environment in the UK were both positive. We also have more comfort with management’s strategy in Italy. 

January 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Jan 2018, 10:26 PM ET - Our monthly report provides executive summaries for the twelve companies recommendation changes made on European companies during the month of January.
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.
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

Arrow Global 3Q17: Déjà vu, Strong NPL Supply

Earnings Note: 09 Nov 2017, 8:33 PM ET - Arrow Global delivered good top-line results, but profitability metrics weakened. Management’s update on the pricing environment for NPLs was a notable positive, likely aided by strong supply outlook of NPLs.

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.
Focused

Arrow Global 2Q17: Lawyering Up Takes Margins Down

Earnings Note: 04 Sep 2017, 7:03 AM ET - Arrow Global delivered good top-line results, aided by favourable macro conditions. Management (so far) are not seeing a potential weakening consumer affect their ability to make collections. Margins were impacted by increased legal costs.

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 ..

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