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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.

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.

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.

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 ..

CNP: 1H17 Business Profile Changes

Earnings Note: 31 Jul 2017, 1:47 PM ET - While CNP released relatively good 1H17 earnings on the back of a better business mix, we remain concerned about its prospective risk profile because of the upcoming challenges in terms of partnerships and distribution agreements.

Mapfre: Good but Volatile Profitability due to F/X

Worth Watching: 26 Jul 2017, 11:43 AM ET - Mapfre  released relatively good 1H17 earnings. Mapfre reported net income of €415.1 mn (up 9.1% YoY) stemming from an increase in premiums (+5.4% YoY to €13,073.1 mn), a relatively stable but disappointing combined ratio of 97.2% (-0.4 pp YoY) ..

Ethias: What’s Next?

Worth Watching: 25 Jul 2017, 1:01 PM ET - Ethias disclosed the result of its latest commutation exercise with its First A (legacy book) Life policyholders; the last day of validity of the surrender receipts was on 20 July 2017. As part of this commutation exercise known as Switch VII, E ..

Global Insurance Rendez-Vous: Life Profitability

Global Insurance Rendez-Vous: 20 Jul 2017, 11:08 AM ET - In this article, we discuss the profitability of Life insurers in Europe and the United States.

Ethias: Reiterate our Strong Buy Recommendation

Worth Watching: 07 Jul 2017, 8:39 AM ET - Ethias provided an update this morning on its Switch VII operation that involves cancelling the Legacy Life policies (known as First A products) which offer a minimum guaranteed rate of 3.4% without any limits in terms of duration (see attached ..

Unipol: Group Restructuring. Cut to U/P

HY Note: 30 Jun 2017, 11:32 AM ET - Unipol's proposed restructuring plans (the transfer of the insurance activities to UnipolSai, the creation of a Bad Bank and the termination of the distribution agreement with Banco BPM) are likely to be credit negative for UnipolSai. 

Swiss Re: Issues $750 mn PNC5. Tight Spread

Worth Watching: 28 Jun 2017, 8:17 AM ET - Swiss Re (Aa3/AA-/A+) is in the market with a Perpetual Non Call 5 USD750 mn bond, which is expected to be rated BBB+ by S&P. Swiss Re is not subject to Solvency II but the Swiss Solvency Test (SST) regime as a Swiss based reinsurer. The coupon ..

Transcript: Euro Insurers - Dutch Double Leverage

Transcript: 21 Jun 2017, 9:51 PM ET - This is a transcript of our webinar on the use of double leverage by European insurers following the recent transaction from Vivat. We believe this structure presents an attractive tool to lower the funding cost of European insurers. 

Euro HY Conference 2017: Euro Insurers Transcript

Transcript: 15 Jun 2017, 8:12 PM ET - European insurers tend to be rated in the AA/A range rating but they trade at a level around the HY index. We think the European insurance sector presents the best risk/return couple.

Ethias: More to Come. Upgrade to O/P

HY Note: 31 May 2017, 10:27 PM ET - Following Ethias’ management proposal to sell the problematic First A legacy book of Life policies, we see value in investing in Ethias 5% €402.7 mn bullet (2026) bond that currently trades with a Z-spread of 375 bp. 

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