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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.
Focused

MCS Groupe: The Odd Couple

HY Note: 20 Sep 2018, 3:55 AM ET - As structures go, €120 mm of non fungible 6 NC2 SSN (FRNs)  is a missed chance for a bigger liquid deal in news or olds. Still, MCS's conservatism is unparalleled in the sector and progress is solid. A good deal or an odd lot?

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.
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MCS Groupe 1Q18: Carry On

Worth Watching: 28 May 2018, 9:54 PM ET - MCS Groupe 1Q18 results, falling fast on the heels of its FY17 report, delivered more of the same with achievement of a sub 3x leverage ratio (2.9x), probably the core metric demonstrating the strength of the credit, within the stated target 2.5x ..
Focused

MCS Groupe FY17: French Collection

Worth Watching: 30 Apr 2018, 12:35 PM ET - MCS Groupe FY17 numbers demonstrate the power of the Debt Collection model when run in a more conservative, less growth-obsessed way with cash generation and moderate portfolio investments supporting the credit outlook for the business if not nece ..
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.

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.
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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.  

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.
Focused

MCS Groupe: Issuing €270 mn of Secured Notes

HY Note: 13 Sep 2017, 10:26 AM ET - MCS Groupe, a leading French debt purchaser, is in the market with €270 mn 7NC3 secured fixed rate notes. Although small and only operating in France, we see many positives to the credit story. We see a yield in the mid 4% area as fair.

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 ..

CNP: 1H17 Business Profile Changes

Earnings Note: 31 Jul 2017, 1:47 PM ET - While CNP released relatively good 1H17 earnings on the back of a better business mix, we remain concerned about its prospective risk profile because of the upcoming challenges in terms of partnerships and distribution agreements.

Mapfre: Good but Volatile Profitability due to F/X

Worth Watching: 26 Jul 2017, 11:43 AM ET - Mapfre  released relatively good 1H17 earnings. Mapfre reported net income of €415.1 mn (up 9.1% YoY) stemming from an increase in premiums (+5.4% YoY to €13,073.1 mn), a relatively stable but disappointing combined ratio of 97.2% (-0.4 pp YoY) ..

Ethias: What’s Next?

Worth Watching: 25 Jul 2017, 1:01 PM ET - Ethias disclosed the result of its latest commutation exercise with its First A (legacy book) Life policyholders; the last day of validity of the surrender receipts was on 20 July 2017. As part of this commutation exercise known as Switch VII, E ..

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