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Intrum 3Q18: Gestazione

Earnings Note: 28 Oct 2018, 8:24 PM ET - 3Q18 was not as convincing as it should be for a mid-to-high BB credit. Scale and diversification cover off many doubts, but clunky execution and mishaps punctuate the report.  The'24s look vulnerable on the wrong side of the maturity wall.

European Debt Collectors: 1H18 Scorecard

Earnings Note: 08 Oct 2018, 10:24 PM ET - Loud shorts and growing scepticism have pushed spreads out during 2018 denting HY market access with Brexit/Italian populism key risks. Still, operating KPIs are largely positive, although the rate of investment continues to stress metrics.

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.
Focused

Intrum 2Q18: Conscious Decoupling?

Earnings Note: 05 Aug 2018, 10:09 PM ET - Intrum's size, scope and rating could, in theory, support a decoupling from the high beta DC peer group towards a more mainstream BB return profile. There is little evidence of it yet. Might it happen?

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: 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: 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.
Focused

Intrum: 1Q18 - Digesting the M&A Smorgasbord

Worth Watching: 29 Apr 2018, 10:03 PM ET - Intrum has partaken of a veritable smorgasbord of M&A in recent years and the report and call today centred on the process of digestion of the duplicated layers of operations that have arisen from the various combinations with the intention of ..
Focused

Intesa: €11 bn NPL Sale, Tie-up With Intrum

Worth Watching: 17 Apr 2018, 8:01 AM ET - Intesa announced that as part of its 2018-2021 business plan, it has reached a binding agreement with Swedish debt collector Intrum to form a partnership with regard to non-performing loans. This follows a period of resistance from the bank re ..

February 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 28 Feb 2018, 11:31 PM ET - Our monthly report provides executive summaries for the twenty-one companies recommendation changes made on European companies during the month of February.
Focused

Intrum 4Q17: Not a Collector’s Item – Move to Hold

Earnings Note: 01 Feb 2018, 10:06 PM ET - Intrum’s results were poor, driven by competitive pressures within its 3PC business, which in theory should be more stable. We expect Intrum to be very active in purchasing portfolios, which limits the scope for improving credit metrics.
Focused

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.
Focused

2017 Euro Conference: Debt Collectors

Transcript: 13 Dec 2017, 6:11 PM ET - In this presentation we discuss multiple topics related to European debt collectors. These include the sustainability of the business model, sector trends, importance of the cycle and certain issues that we have with the sector.  

October 2017 Company Coverage Initiated

Company Coverage Initiated: 31 Oct 2017, 9:47 PM ET - Our monthly report provides executive summaries for the twelve companies on which we launched coverage in the Americas and Europe during the month of October.
Focused

Intrum 3Q17: Interim Period Before Disposals

Earnings Note: 18 Oct 2017, 10:25 PM ET - Intrum reported decent results, reinforcing our constructive view on the business fundamentals. UoP from upcoming planned disposals is a key item for creditors. We place a Buy recommendation on the credit.

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.

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