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Lowell 3Q18: Taking Its ABS Pill

Earnings Note: 22 Nov 2018, 10:00 PM ET - Lowell's decision to go down the ABS route, despite ruffled bond feathers, in tandem with its RCF capacity now means that it can ignore HY market access for now. Messages remain mixed on growth vs leverage targets though.

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.

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.

Lowell 1Q18: The Wood Not The Trees

Earnings Note: 21 May 2018, 10:32 PM ET - 1Q18 was big picture positive as extra funding was secured through the RCF extension, but a somewhat erratic margin upset the overall tone. Lowell is going through a slightly 'awkward' phase as it transforms into its post Carve Out self.

April 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 30 Apr 2018, 9:21 PM ET - Our monthly report provides executive summaries for the thirteen companies recommendation changes made on European companies during the month of April.

Lowell FY17: We Need to Talk about Lowell

Earnings Note: 15 Apr 2018, 11:06 PM ET - Good, not so good or simply misunderstood? Bonds jumped after the 4Q17 call correcting recent underperformance. We assess the credit in light of its heavy investment programme, solid operating track record and wider market volatility.

Lowell: In the Market with €705 mn FRN to Fund M&A

HY Note: 18 Jan 2018, 9:24 AM ET - Lowell is the market with €705 mn (equivalent) in EUR and SEK of senior secured FRNs due 2023. We have a Sell rec. on the existing notes and in the piece we analyse Lowell’s business model by stressing collections on its legacy business.  

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.

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.  

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.

Lowell: Growth Ambitions Dampen Positive Results

Earnings Note: 26 Nov 2017, 3:03 PM ET - Lowell reported solid results and provided useful disclosure on how collections performed during the past down cycle. The company provided limited details of the funding mix for the Intrum carve-out acquisition, but it will include equity.

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.

Lowell: €415 mn 6NC1 FRN Refi

HY Note: 04 Sep 2017, 11:56 AM ET - Lowell is in the market with a €415 mn 6NC1 secured FRN. UoP is to refinance existing € FRN and to fund transaction costs. The new issue does not change our view on the credit where we have a Buy rec. on the SSNs and a Sell on the SNs.  

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 ..

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