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Rekeep 3Q18: Keep an Ear to the Ground

Earnings Note: 21 Nov 2018, 12:48 PM ET - The 3Q18 results were somewhat mixed, with growth in revenues and EBITDA, but a sizeable outflow in working capital and an increase in net leverage. A negative outcome from legal investigations remains a key risk for Rekeep.  
Focused

Rekeep (MANTEN) 2Q18: A Rose by Any Other Name

Earnings Note: 02 Sep 2018, 6:43 PM ET - This was the first quarter that the company officially used its new name, Rekeep, instead of Manutencoop. The company reported strong revenue growth driven by the facility management segment, however, it still faces many challenges. 

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? 
Focused

Euro HY Conference 2018: Support-Services

Transcript: 19 Jun 2018, 10:53 PM ET - We discussed our views on the riskier part of the support-services sector, five services bonds that yield over five per cent, at our European High Yield Conference. 

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

May 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the fifteen companies recommendation changes made on European companies during the month of May.
Focused

Manutencoop 1Q18: Is it a (Re)keeper?

Earnings Note: 20 May 2018, 9:40 PM ET - Manutencoop's margins continued to decline amid pricing pressure, while the company is keen to expand outside Italy. Anti-trust investigations remain a major concern.
Focused

Manutencoop FY17: Mixed, but still a Hold

Earnings Note: 22 Mar 2018, 10:15 PM ET - While Manutencoop's revenue have improved in the second half of the year, margins were down, and leverage stepped up. Uncertainty around the legal investigations and delays in contract awards persist.   

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

2017 Euro Conference: Support Services

Transcript: 12 Dec 2017, 4:03 PM ET - At CreditSights' 2017 European conference, we presented our thoughts on key macro drivers and trends in the European High Yield Support Services sector and discussed our RV recommendations. 
Focused

MANTEN 3Q17: Not Banned Yet, but Tendering Low

Earnings Note: 19 Nov 2017, 6:39 PM ET - Manutencoop's third quarter results were better than the weak second quarter. The company also released news on the Santobono-Pausilipon investigation.  
Focused

Manutencoop: Minorities Buyout Completed

Worth Watching: 13 Oct 2017, 12:16 PM ET - Manutencoop: Facility Management (MFM) announced that the issuer of the new 2022 bonds, CMF SpA completed buyout of the 33.2% minority stake of MFM, and now holds 100% of MFM's share capital. CMF is a direct wholly-owned subsidiary of Manutenco ..

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

Manutencoop: Are There More Options?

Worth Watching: 10 Sep 2017, 9:39 PM ET - Manutencoop: On Friday, multiple reports appeared in the Italian press that a US hedge fund, Elliott, is planning to give Manutencoop's parent company, Manutencoop Societa Cooperativa (MSC), a €180 mn loan to help take out the minority sharehol ..
Focused

Manutencoop: Weak 2Q17, No Update on Probes

Earnings Note: 03 Sep 2017, 7:20 PM ET - Manutencoop posted weak results for the second quarter of 2017, with a mid-single digit decline in revenues and a sizeable deterioration in margins. 

CMC Ravenna: New High Yield Issue Report

HY Note: 05 Jul 2017, 9:24 PM ET - CMC Ravenna (B2/B) is roadshowing a €250 mn senior unsecured bond (NC2) due 2022, to rank alongside its existing €300 mn 7.5% 2021 bond. 
Focused

Manutencoop New Bond: Revised Terms

HY Note: 29 Jun 2017, 9:46 AM ET - Manutencoop has come back with the revised terms on its proposed five-year non-call three senior secured bonds, downsizing the deal from €420 mn to €360 mn, and changing certain financial covenants. 
Focused

Manutencoop New Bond: to Buy or Not to Buy?

HY Note: 22 Jun 2017, 7:49 PM ET - Manutencoop is in the market with a new €420 mn senior secured 2022 bond. The proceeds together with cash on balance sheet will be used to refinance the existing bond and other debt, as well as to take out the minority shareholders.

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.
Focused

Euro HY Conference 2017: Manutencoop Transcript

Transcript: 15 Jun 2017, 8:13 PM ET - In this article, we transcribe our presentation to CreditSights' European High Yield Conference, in which we discussed our views on the rather controversial case of Manutencoop, an Italian facility management company.

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