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British American: Releases Pre-lim 2018 Results

Worth Watching: 12 Dec 2018, 11:55 AM ET - British American (BATSLN: Baa2/BBB+) released preliminary 2018 results ahead of the closing of the year fiscal on January 1st, 2019. British American expects both 2018 revenue and adjusted operating profit growth to be solid driven largely by t ..

IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

Tobacco: FDA Makes Menthol Ban Official

Worth Watching: 15 Nov 2018, 11:56 PM ET - Tobacco: As expected, the FDA announced several new regulations aimed at curbing the use of flavored e-cigarettes among minors. The agency will also consider accelerating the August 2022 deadline by which existing flavored e-cigarettes must be ..

Juul: Losing its Luster

Worth Watching: 14 Nov 2018, 10:27 PM ET - Juul released a statement that outlined measures aimed at reducing the usage of its products among minors. Juul will temporarily halt the fulfillment of orders for Mango, Fruit, Crème, and Cucumber pods, which will effectively remove those flav ..

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.

British American Tobacco: Revises Net Lev Target

Worth Watching: 16 Oct 2018, 10:36 PM ET - British American Tobacco (BATS: Baa2/BBB+) updated the market ahead of a series of investor meetings that the company expects to hold over the next several weeks. The issue attracting the most headlines remained the slowing growth in the Japane ..

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            

Tobacco: FDA Takes Aim at Flavored E-Cigs

Worth Watching: 12 Sep 2018, 10:55 PM ET - Tobacco : FDA Chairman Scott Gottlieb announced a series of measures aimed at curbing the rising use of electronic cigarettes among minors. The most aggressive of the measures requires the manufacturers of five brands of electronic cigarettes t ..

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

British American 1H18: Eclipses Altria

Earnings Note: 27 Jul 2018, 9:23 AM ET - We affirm our Outperform recommendation on British American as the company remains focused on reducing net leverage to 3.0x by 2019, which makes any leveraging M&A and share buybacks unlikely over the near term.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

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: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.

Imperial Brands 1H18: Divesting £2 Bn of Assets

Earnings Note: 10 May 2018, 10:19 AM ET - Imperial Brands plans to divest up to £2.0 bn of non-core assets over the next 12 - 24 months and will focus on growing its next generation product portfolio. We expect debt reduction to be a use of the proceeds. 

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

British American Tobacco 2017: Gloing Up

Earnings Note: 23 Feb 2018, 4:19 AM ET - We affirm our Outperform recommendation on British American as deleveraging and the realization of cost synergies should continue to spreads tighter.

Tobacco: Imagining A Future Without Smoke

Sector Outlook: 29 Jan 2018, 5:54 AM ET - British American and Imperial Tobacco are our top picks in the Tobacco sector on improving balance sheets and comparatively lower event risk relative to Philip Morris and Altria. 

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