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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.
Focused

Avolon: Another Upsized Bond Fly By

Worth Watching: 06 Sep 2018, 7:49 PM ET - Avolon returned to the market with a $750 million NC5 bullet at 5.125% price talk, about 30 bps cheap to the AVOL yield curve (upsized to $1.0 billion).  AVOL bonds have tightened significantly since improved restricted payments covenants were i ..
Focused

Jet Airways: EA Partners I and Lessor Exposure

Worth Watching: 13 Aug 2018, 4:54 PM ET - Jet Airways announces a liquidity squeeze, delaying financial releases, seeking emergency funding from the State Bank of India, and allegedly looking for up to $400 million private equity funding.  EA Partners I bondholders should be nervous, ..

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.

Air Lease: 4% 5-year Offering

Worth Watching: 11 Jun 2018, 9:35 PM ET - Air Lease just printed 5-year notes at 4.0% yield, just inside AerCap's recent 4.145% offering. The aircraft leasing yield curve settles in with Aircastle just outside AER (now investment grade, smaller, no order book, but better credit metrics) ..
Focused

Avolon: Adds Restricted Payments Covenant

Worth Watching: 22 Feb 2018, 8:46 PM ET - Avolon solved a major capital market issue by retroactively adding a restricted payments covenant to its existing senior notes—the obvious thing to do given the questions surrounding liquidity at Bohai and other HNA affiliates (see Avolon: The ..
Focused

Avolon: Bohai Capital Trading Halt

Worth Watching: 17 Jan 2018, 10:13 PM ET - Avolon 100% direct owner Bohai Capital, suspended share trading, joining Hainan Airlines and possibly some other HNA Group affiliates, according to reports from Bloomberg and other news sources.  There is short-term financing pressure on the C ..
Focused

Avolon: The Restricted Payments Test

HY Note: 16 Jan 2018, 9:40 PM ET - With HNA issues overhanging AVOL, a strong covenant package in future bond issuance should relieve bondholder anxiety.

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

Aircraft Finance: Lessor Bonds vs ABS vs EETC

IG Note: 14 Dec 2017, 10:14 PM ET - Aircraft are excellent collateral.  Bondholders can invest through aircraft lessor senior notes, ABS structures, or EETCs.  Senior notes offer the most value.
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Avolon, HNA, Chinese Airlines, Aircraft Lessors

HY Note: 10 Dec 2017, 11:52 PM ET - Aircraft lessor exposure low to HNA Group affiliated Chinese airlines.  Avolon needs stronger covenants.
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Airplanes: Framing the Kobe Aluminum Issue

HY Note: 16 Oct 2017, 12:48 PM ET - Kobe risk falls on OEM warranties.

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

Avolon: Park Aerospace New Issue Fly By

Worth Watching: 14 Sep 2017, 9:25 AM ET - Avolon subsidiary Park Aerospace (formerly CIT's leasing portfolio) flies by today with a $1 billion senior note.  The aerospace leasing outlook remains very strong with broad-based demand across all airlines as global traffic growth averaged 5 ..

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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