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Healthcare: 2Q18 Earnings Recap

Sector Analysis: 15 Aug 2018, 9:59 PM ET - In this note, we recap 2Q18 earnings results in US Healthcare with a focus on the Health Insurers, Medical Device manufacturers and Pharmaceutical companies.

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 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.
Focused

Fresenius 3Q17: Good, But Akorn Fails to Grow

Earnings Note: 02 Nov 2017, 2:37 PM ET - Taking into account certain exogenous shocks, Fresenius results were good and in-line with expectations. However, poor results within the proposed acquisition, Akorn, was a notable negative. We maintain our M/P recommendations.

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

Fresenius: More M&A But this time at Medical Care

IG Note: 07 Aug 2017, 8:38 PM ET - Fresenius Medical Care announced the acquisition of NxStage for $2 bn and is to be debt financed. We believe the leveraging transaction to be a modest negative for bondholders, but we still maintain our M/P rec. on both Fresenius credits.
Focused

Fresenius 2Q17: Healthy & Predictable – M/P

Earnings Note: 01 Aug 2017, 5:28 PM ET - Fresenius reported another good set of results with few surprises, reinforcing our positive fundamental view on a robust credit. However, the soon to be acquired Akorn company recently reported very weak results.

Euro HY Conference 2017: Healthcare Transcript

Transcript: 20 Jun 2017, 11:35 AM ET - This is a transcript of the talk we gave at the CreditSights Euro HY Conference. We discuss our recommendations in the sector and where we feel comfortable taking a ‘risk on’ position, and we provide an update on the UK social care sector.
Focused

Fresenius: Healthy Results Offset by Announced M&A

Earnings Note: 03 May 2017, 1:43 PM ET - Fresenius reported strong results with organic revenue growth within each business segment, reinforcing our positive view on the business. However, strong results and outlook are offset by announced M&A.

Fresenius: Large Deal Stalls Deleveraging

IG Note: 25 Apr 2017, 8:55 PM ET - Fresenius announced the acquisition of Akorn and Merck’s biosimilar business with the acquisitions to be debt financed. The acquisitions materially improve the company’s business profile but leave leverage at elevated levels for longer.
Focused

Fresenius: Good Quarter & Outlook But Shift to M/P

Earnings Note: 22 Feb 2017, 10:18 PM ET - Fresenius reported solid results, reinforcing our positive fundamental view. In addition, M&A commentary shifted back to a more conservative tone. However, we shift our recommendation on Fresenius SE back to M/P due to valuations.

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.

Fresenius: Issuing €2.6 bn in 4 tranches, Stay O/P

IG Note: 17 Jan 2017, 6:05 AM ET - Fresenius SE is in the market with a multi-tranche deal with a combined size of €2.6 bn. We view the new issue as an attractive entry point on a credit where we have an Outperform recommendation.
Focused

European High Yield Healthcare: 2017 Outlook

Sector Outlook: 12 Jan 2017, 10:29 PM ET - We discuss key themes and update our views on RV for European HY healthcare credits (including cross-over). We recommend an underweight position to the sector and favour exposure to the €HY healthcare sector over the £HY healthcare sector.

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

Fresenius 3Q16: Robust & New Issue on the Horizon

Earnings Note: 27 Oct 2016, 9:40 PM ET - Although in-line with market expectations, both Fresenius companies delivered solid results, reinforcing our view that they are very defensive companies. To fund M&A, Fresenius are likely to come to market soon with sizeable new issuance.
Focused

Tales from the Trails: € HY Healthcare & Services

Sector Analysis: 11 Oct 2016, 10:24 PM ET - We highlight key takeaways and themes from a recent road trip with investors where we discussed companies within our Euro high yield healthcare and support services coverage.

Fresenius: Making it Rain in Spain With a Big Buy

IG Note: 06 Sep 2016, 12:04 PM ET - Fresenius SE is to acquire Quironsalud for €6bn and will largely be debt financed. We do not think the transaction should lead to a meaningful impact on spreads, but we scale back our recommendation to Market perform.
Focused

Fresenius 2Q16: Healthy Balance Sheet, Move to O/P

Earnings Note: 02 Aug 2016, 7:37 PM ET - In the face of a tough comp, Fresenius SE reported good results, while Medical Care results were a strong beat. Fresenius SE has a new CEO and although open to do M&A, he appears in no hurry to do deals.

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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