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IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

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

Maxeda F2Q18/19: Getting Its House In Order

HY Note: 26 Sep 2018, 9:57 PM ET - A weather-fuelled bumper 2Q saw a sharp boost to metrics; whilst 3Q was slightly talked down,  operating momentum supports the the 7% yield. Still, up here, close to par, we would not be outright Buyers although would enjoy the carry trade.

IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 

June 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 Jul 2018, 9:54 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of June.
Focused

Maxeda F1Q18/19: In The Groove

Earnings Note: 28 Jun 2018, 10:55 PM ET - Maxeda continued to make progress in its improvement programme and credit metrics. With a supportive macro backdrop and success in delivering on its operating levers, the story remains positive despite inevitable volatility down the line.

John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

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? 

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.
Focused

Maxeda FY17: Do-er Up-er

Earnings Note: 31 May 2018, 9:58 PM ET -  A lot of operational moving parts came together in FY17 with more due in FY18 despite intensifying competition and exogenous impediments. 1Q guidance is positive, but medium term softer than before. DIY is erratic so needs to get paid.

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.

IG European Retail: The Fin Services Opportunity

Sector Analysis: 09 Apr 2018, 10:48 PM ET - We examine the place of consumer finance services in our IG/fallen angel European retail coverage.  

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.

IG/Fallen Angel UK Retail: Incomparable Christmas

Sector Analysis: 11 Jan 2018, 9:59 PM ET - Tesco, M&S, and John Lewis all reported 'Christmas' sales, each covering a different trading period.  

December 2017 Company Coverage Initiated

Company Coverage Initiated: 01 Jan 2018, 6:36 PM ET - Our monthly report provides executive summaries for the seven companies on which we launched coverage in the Americas and Europe during the month of December.

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.
Focused

Maxeda: F3Q17/18 - Not Quite 'Back To Simplicity'

Worth Watching: 21 Dec 2017, 6:09 PM ET - Maxeda (B2/B-) bonds have slipped back from a high of ~106 in October 2017, which had reflected the positive reception in new issue and bull market toppishness generally, to a level around ~101 today (YTW 5.8%). We feel that this current trading l ..

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