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UK Retail: Christmas Cards from the High Street

Sector Analysis: 18 Dec 2018, 10:38 PM ET - In the wake of a plethora of negative headlines on the UK retail sector, we summarise recent industry data and examine the fortunes of six names under our coverage in the run up to the final weekend of trading before Christmas.

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.
Focused

Debenhams FY18: The Kitchen And The Sink

Earnings Note: 25 Oct 2018, 7:43 PM ET - Despite an accelerated store closure program, further slashing of capex and higher than expected returns from the cost-cutting program, Debenhams remains overspaced and operating performance is overly reliant on a gloomy looking Christmas

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.

September 2018 Company Coverage Initiated

Company Coverage Initiated: 30 Sep 2018, 9:24 PM ET - Our monthly report provides executive summaries for the eight companies on which we launched coverage in Europe and Asia during the month of September.
Focused

Debenham's Investor Day: All Style, No Substance?

Worth Watching: 24 Sep 2018, 10:15 PM ET - Debenham's Investor Day saw CEO Sergio Bucher and his management team present the latest manifestation of his "Debenhams Redesigned" strategy with the unveiling of the department store chain's shiny new Watford store. A healthy turnout was treated ..
Focused

Debenhams Initiation - What's in Store?

Company Spotlight: 17 Sep 2018, 5:30 AM ET - Despite available liquidity and the prospect of a sale of its Danish operations Magasin du Nord, we believe Debenhams ultimately needs to restructure its lease obligations to ensure its survival. We thus initiate with a Sell recommendation.

IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 

John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

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.

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.

UK Retail Strategy: Brexit + Beast From The East

Strategy Analysis: 10 May 2018, 5:50 AM ET - An increase in the cost of imported goods triggered by the Brexit vote, the squeeze on consumer wages and the ‘Beast from the East’ have combined to dent the fortunes of UK retail.

IG European Retail: The Fin Services Opportunity

Sector Analysis: 09 Apr 2018, 10:48 PM ET - We examine the place of consumer finance services in our IG/fallen angel European retail coverage.  

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.

IG/Fallen Angel UK Retail: Incomparable Christmas

Sector Analysis: 11 Jan 2018, 9:59 PM ET - Tesco, M&S, and John Lewis all reported 'Christmas' sales, each covering a different trading period.  

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

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