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Cabot 3Q18: A Bird In The Bush...

Earnings Note: 11 Nov 2018, 10:27 PM ET - Cabot cleaned up the rump of its '20s and boosted liquidity through the loan / ABL markets. UK is still solid, and under Encore's umbrella, it is now experimenting with International markets. The short dated Euro floater looks interesting.

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.
Focused

Cabot 2Q18: They Love Me...Love Me Not...Love Me..

HY Note: 09 Aug 2018, 9:52 PM ET - Until its Exchange Offer, Cabot outperformed the DC sector even creeping inside the B1 index in Spring for the first time since its failed IPO. Today's solid numbers have reversed declines since the Exchange Offer. Is it sustainable?
Focused

Cabot Exchange Offer & Tap: Collect Call

HY Note: 09 Jul 2018, 10:14 PM ET - Cabot intends to term out debt maturities via a tap of its £ 7.5% Notes of '23 (exchange or take out) up to £100 mn of '20 & £175 mn of '21 Notes. Success would remove another uncertainty from its credit profile following Encore in May. 

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.

May 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the fifteen companies recommendation changes made on European companies during the month of May.
Focused

Cabot 1Q18: Encore Une Fois

Earnings Note: 09 May 2018, 9:49 PM ET - Distracting chatter around a potential IPO is over for now as Encore will acquire the rest of Cabot also taking one-off IPO deleveraging possibilities off the table. Bonds are now highly call constrained and valuations mediocre.
Focused

Cabot 4Q17: Solid Quarter & IPO Plans on Hold

Earnings Note: 25 Feb 2018, 8:46 PM ET - Cabot reported another quarter of solid results. However, management continues to prioritise portfolio purchases and bolt-on M&A presumably to enhance its attractiveness to a prospective IPO audience, over short-term credit improvement.
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

Cabot 3Q17: Strong UK Supply & IPO Imminent

Earnings Note: 06 Nov 2017, 2:55 PM ET - Cabot reported good results and has used the benefits of its reduced cost of funding to increase its presence in paying portfolios. The company plans to IPO imminently and is looking to operate with a lower leveraged capital structure.

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 ..
Focused

Cabot 2Q17: Looking Through the Cycle?

Earnings Note: 25 Aug 2017, 4:19 AM ET - Cabot reported good results and provided additional insight to ease investor concerns regarding a weaker UK consumer. We share these concerns, but we believe Cabot is better positioned than peers through the cycle.  

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