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Focused

Safety BBlanket: Euro BBs for a Risk-off Market

HY Note: 05 Dec 2018, 10:36 PM ET - Against a backdrop of an increasingly risk-off environment, we highlight a selection of BB picks for investors shifting towards a more defensive positioning.
Focused

Ei Group FY17/18: Beer and Property Cocktail

Earnings Note: 25 Nov 2018, 11:05 PM ET - Ei's full year performance was reassuringly familiar with solid performance in Leased & Tenanted, striking growth in Managed and Property, progress on the balance sheet and even a possible credit event if a property portfolio is monetized.

September 2018 Euro Company Recommendation Changes

Euro Recommendation Changes: 30 Sep 2018, 9:26 PM ET - Our monthly report provides executive summaries for the eleven companies recommendation changes made on European companies during the month of September.
Focused

Ei Group: An Interesting New Flavour

Earnings Note: 11 Sep 2018, 6:14 AM ET - Ei's proposed Senior £150 mn issue of '24 makes for an interesting new flavour of paper with the company paying up relative to the Secureds to access a different return profile. Given Ei's solid recent performance, we are tempted to try it.

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.
Focused

Ei Group: We Still BelEive!

Earnings Note: 28 May 2018, 9:04 PM ET - Ei had a solid first half firing across all 3 of its business cylinders. With the World Cup poised to boost momentum, we remain constructive on the credit and relative value across the structure. We have a preference for the '25s.

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.
Focused

Ei Group: Trading Update - Beer O'Clock

Worth Watching: 08 Feb 2018, 10:13 AM ET - Ei Group (BB-) released a brief trading update for the 18 weeks to 3 February 2018, before its AGM. We remain constructive on the name. We have a Hold recommendation, but would be Selective Buyers of the EIGLN '21s and '25s at YTWs of 2.9% and ..

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.

2017 Euro Conference: High Yield RV Panel

Transcript: 14 Dec 2017, 5:59 PM ET - We provide the transcript from the high yield relative value panel at our 2017 European Conference, highlighting key credits across the Consumer, Banks, Construction, Building Materials, Services and TMT sectors.

November 2017 Euro Company Recommendation Changes

Euro Recommendation Changes: 01 Dec 2017, 12:03 AM ET - Our monthly report provides executive summaries for the twenty-five companies recommendation changes made on European companies during the month of November.
Focused

Ei Group FY17: Managing Well

Earnings Note: 21 Nov 2017, 9:09 PM ET - Ei had another good half rounding off a positive year with KPIs and credit metrics all moving in the right direction despite another £20 mn of share buy backs.  Bonds look fair value with a note to pick over them on the right day.

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.   

Euro HY Conference 2017: Travel Services Transcript

Transcript: 20 Jun 2017, 7:47 PM ET - In this article, we transcribe our Travel Services presentation for CreditSights' Euro High Yield Conference, in which we laid out our views on the European Travel Services space and took a closer look at Travelex.

Euro HY Conference 2017: Retail Transcript (1)

Transcript: 19 Jun 2017, 7:04 PM ET - In this article, we transcribe the first of our two-part Retail presentation for CreditSights' Euro High Yield Conference.

Consumer Takeaways: UK Consumers Set for a Squeeze

Euro Consumer Takeaways: 18 May 2017, 5:20 PM ET - The outlook for UK consumer demand continues to deteriorate as pass-through from weaker sterling into consumer prices has begun to erode real incomes.
Focused

Ei Group F1H17: Beering Up Well

Earnings Note: 18 May 2017, 3:32 PM ET - Ei interims were overall positive with decent progress in the business and both MRO and Brexit impact at the low end of expectations. We think Ei' asset-backed business model is a defensive way to play the UK high street. 

February 2017 Company Coverage Initiated

Company Coverage Initiated: 28 Feb 2017, 9:00 PM ET - Our monthly report provides executive summaries for the five company on which we launched coverage in the US, and Europe during the month of February.
Focused

Ei Group Initiation: Untied (UK Pubs was ETILN)

Company Spotlight: 22 Feb 2017, 10:16 PM ET - We initiate coverage on Ei with a Buy recommendation at the shorter end of the curve which we think is the sweetest spot in terms of yield / maturity trade off given uncertainty in the longer-term horizon.

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