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CDS and Restructurings: Historical Perspective

HY Note: 10 Aug 2018, 4:50 AM ET - We examine the role of CDS in distressed restructurings, as well as recent transactions where CDS trades played an important role and discuss our thoughts on the implications of these transactions on the synthetic market generally. 

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? 
Focused

European Gaming: Sovereign Risks Come to the Fore

Worth Watching: 31 May 2018, 9:55 PM ET - European Gaming: On opposite sides of the world, political and sovereign risks have picked up again in recent weeks, as Argentina deals with an FX freefall and Italy's politics threaten a fiscal scare. In Argentina, FX volatility is par for ..
Focused

Codere 4Q17: Helm Change Focuses on Efficiency

Earnings Note: 28 Feb 2018, 11:43 PM ET - CDR reported a fairly good 4Q17, and is in the midst of onboarding a new CEO. Fresh eyes could invigorate growth, but the 6 pronged plan described on the call was fairly mundane.  

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   
Focused

Codere 2Q17: Taxes Straining Growth

Earnings Note: 12 Sep 2017, 10:49 PM ET - The company met its EBITDA target for the quarter but gaming taxes and weak results in Spain put pressure on margins and organic growth. 

Euro HY Conference 2017 – Gaming Transcript

Transcript: 20 Jun 2017, 5:20 AM ET - This is a transcript of the talk we gave at the CreditSights Euro High Yield Conference in London on June 13th. 

May 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 May 2017, 10:21 PM ET - Our monthly report provides executive summaries for the twenty-eight companies recommendation changes made on European companies during the month of May.
Focused

Codere 1Q17: Strong Start But Taxes Soften Outlook

Earnings Note: 17 May 2017, 10:29 PM ET - CDR grew EBITDA 7% YoY (constant FX) 1Q17 but taxes will drag on performance in 2017. 

March 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 02 Apr 2017, 4:22 PM ET - Our monthly report provides executive summaries for the seventeen company recommendation changes made on European companies during the month of March.
Focused

Codere 4Q16: FX Hits Earnings; ARG Taxes Loom

Earnings Note: 28 Feb 2017, 11:23 PM ET - Argentina is a key market for Codere, but the combination of inflation, adverse FX, and now changing tax laws, combine for a weaker outlook in 2017. 

Stonegate FY16: More Bolt-Ons

HY Note: 24 Jan 2017, 5:38 AM ET - We review STGATE FY16 results through the prism of the most recent bolt-ons.
Focused

Codere: Acquires 50% HRU SA Stake

Worth Watching: 01 Dec 2016, 2:34 PM ET - Codere (Issuer: B/B2) acquired a 50% stake in HRU SA (previously Hipica Rioplatense Uruguay) for US $33 mn. CDR previously held a 50% interest in HRU SA and will now fully consolidate the business as 100% owner.  HRU is one of the minority inter ..

November 2016 Company Coverage Initiated

Company Coverage Initiated: 30 Nov 2016, 9:04 PM ET - Our monthly report provides executive summaries for the thirteen company on which we launched coverage in the US, Europe, and Asia during the month of November.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.
Focused

Codere 3Q16: Re-fi Complete; Re-focused on Growth

Earnings Note: 14 Nov 2016, 10:55 PM ET - CDRSM reported decent 3Q16 results and on the call, management outlined some areas that they are targeting for growth. 
Focused

Codere: Price Talk Emerges for USD/EUR Notes

Worth Watching: 31 Oct 2016, 10:25 PM ET - Codere is talking its bonds in the area of 6.875% for the euro notes and 7.750% for the USD notes.  The pricing is well wide to our expectation (see HY Note: Codere Marketing USD/EUR Notes), as we expected the euro bonds to price inside of the ..
Focused

HY Note: Codere Marketing USD/EUR Notes

HY Note: 25 Oct 2016, 8:05 AM ET - We provide our initial thoughts on the Codere new issues.  

Taking a Back Seat on UK Retailers

Sector Analysis: 11 Jul 2016, 10:20 PM ET - Following the plunge in UK consumer confidence amidst Brexit-related economic and political uncertainty, we take a more defensive position on UK high yield retailers. We shift to Hold from Buy on NEWLOK (1L and subs) and Iceland (1L)

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