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CMC Ravenna: To Enter Creditor Protection

HY Note: 03 Dec 2018, 8:58 PM ET - On Sunday night, CMC Ravenna issued a press release that closed one chapter on the distressed Italian construction credit.

Salini: Confirms “Non-Binding” Interest in Astaldi

HY Note: 16 Nov 2018, 11:12 AM ET - Salini Impregilo (NR/BB/BB+) issued a short statement last night confirming its "in-depth analyses aimed at assessing the potential of an industrial integration, consistently with its financial objectives", in relation to Astaldi.

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.

CMC Ravenna: Collectables Catastrophe...Continued.

HY Note: 17 Oct 2018, 11:40 PM ET - In this seventh piece in our coverage of the CMC Ravenna Saga, we briefly summarise our follow up conversation with the company yesterday morning on the collectables, its liquidity situation, and the RCF refinancing exercise.

CMC Ravenna: Breach of Trust

HY Note: 15 Oct 2018, 11:26 PM ET - Even by the standards of a calamitous 1H18 earnings release, today's news from CMC Ravenna was a disaster. We give our first reactions to the news, and intend to follow up with more analysis thereafter. 
Focused

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.

Salini: “Vulture” Approach for Astaldi Assets?

HY Note: 03 Oct 2018, 10:21 PM ET - Salini indicated overnight that it is monitoring the Astaldi situation closely, raising the prospect of a bid for some of its weaker compatriot's assets. 

Euro HY: The Month in Pictures September 2018

Euro HY Market Trends: 03 Oct 2018, 9:58 PM ET - The euro high yield index rose in September with the ICE/BAML Euro HY index delivering 0.31% in total returns over the month but HY Construction had a tough month.
Focused

Astaldi: To Enter Creditor Protection

HY Note: 28 Sep 2018, 10:35 AM ET - Astaldi / ASTIM finally confirmed this morning what we have feared for some time, that the rescue plan has failed and the company needs a form of protection from creditors.

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. 

CMC Ravenna: The Jury is Still Out

HY Note: 16 Sep 2018, 9:34 PM ET - We provide our thoughts and feedback on a long, somewhat chaotic, and ultimately disastrous 2Q18 conference call hosted by CMCRAV's new CEO. 

CMC Ravenna - 2Q18: Working Capital Not Working

Earnings Note: 12 Sep 2018, 9:36 PM ET - We provide our initial thoughts on CMCRAV's 2Q18 financials, which included a leverage jump that spooked investors ahead of an earnings call scheduled for Friday PM. 

Euro HY: The Month in Pictures August 2018

Euro HY Market Trends: 05 Sep 2018, 5:45 AM ET - After a relatively good July, the euro high yield index ended August in negative territory. The index delivered total returns of -0.20% over the month. The yield on the index rose to 3.39% in August, 149 bp above its end of 2017 level.
Focused

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.
Focused

Astaldi: Next Stop Restructuring?

HY Note: 30 Aug 2018, 10:07 PM ET - Astaldi bonds collapsed today as rumours surfaced that its banks were trying to push the company into either a restructuring or insolvency proceedings after yet another delay in the Bosporus bridge sale. 

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

Astaldi: A Bridge Too Far?

Company Analysis: 16 May 2018, 10:30 PM ET - Yesterday's news from Astaldi on the capital increase did not change the fact that the crux of the credit recovery is the Third Bridge Sale. 

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