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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.
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CMC Ravenna: Restructuring Now the Base Case

HY Note: 12 Nov 2018, 9:01 PM ET - We provide our initial thoughts on CMC Ravenna's decision to not pay its 6% 2023 coupon on time. 
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CMC Ravenna: Refinance, Rescue or Restructure?

HY Note: 31 Oct 2018, 10:25 PM ET - CMCRAV bonds dropped again today after further rumours surfaced that the company was talking to a group of Italian co-operatives, a distinguished Italian legal practitioner and Mediobanca, on a potential rescue / restructuring. 

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.
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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.
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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.
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CMC Ravenna: Follow-Up - Part II: Hold The Line

HY Note: 26 Sep 2018, 10:04 PM ET - In Part II of our two-part follow-up piece on CMC Ravenna's post-2Q18 bond collapse, we share our discussions with CMC Ravenna on refinancing plans for the RCF, the "Clean-Down" issue, covenants, and the company's liquidity profile.
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CMC Ravenna: A Series of Unfortunate Events

HY Note: 24 Sep 2018, 10:25 PM ET - In Part I of a two-part follow-up piece on CMC Ravenna's post-2Q18 bond collapse, we update our understanding of the reasons for the €108 mn of delayed collectables, after our call with the company. 

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. 
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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. 
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CMC Ravenna: Further Thoughts on 2Q18 Results

HY Note: 14 Sep 2018, 8:04 AM ET - We provide some more thoughts on CMC Ravenna’s 1H18 before this afternoon’s call with management. 
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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. 

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.

June 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 Jul 2018, 9:54 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of June.

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. 

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