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Focused

OHL: Bad Credit in a Bad Sector

HY Note: 15 Nov 2018, 9:57 PM ET - The sale of the Concessions business seems only to have been a sticking plaster on a knife wound to OHL credit's issues.

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.

HY Construction: Update on ASTIM, CMCRAV, IPGIM

Sector Analysis: 11 Oct 2018, 10:30 PM ET - In a sector that has been beset with volatility and turmoil in the last five weeks, we are publishing this note to again update investors on our thinking on the Italian High Yield Construction space.

Euro HY: The Month in Pictures September 2018

Euro HY Market Trends: 03 Oct 2018, 9:58 PM ET - The euro high yield index rose in September with the ICE/BAML Euro HY index delivering 0.31% in total returns over the month but HY Construction had a tough month.

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

OHL: It’s a Question of Trust, Time to Exit

HY Note: 27 Sep 2018, 11:04 PM ET - In a disastrous period for the European High Yield Construction sector (with the notable exception of Aldesa in our view), OHL added fuel to the fire late last night by reporting a weak set of 1H18 earnings.

Euro HY Construction: Carnage Gives Way to Chaos

Sector Analysis: 19 Sep 2018, 11:52 PM ET - After a week of chaos, we publish this piece to briefly update investors of our thought process on the single B / triple C European High Yield Construction names. 

Astaldi: Drags Sector Down with Results Delay

HY Note: 03 Sep 2018, 9:34 PM ET - Astaldi / ASTIM (Caa1▼, CCC- Watch Developing, B▼) bonds fell off again today after Friday's post-close announcement from the company that they have, yet again, postponed the publication date for the 1H18 results.

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: European Construction

Transcript: 20 Jun 2018, 10:48 PM ET - In this article, we transcribe our presentation from CreditSights' European High Yield Conference on the Rise & Fall of European HY Construction. 

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.
Focused

OHL: CMD 2018: Waiting for the Call

Company Spotlight: 17 May 2018, 10:36 PM ET - OHL is nearing the end of its credit story, assuming that the outstanding 20s, 22s and 23s are called as planned in June 2018. 

Aldesa – New HY Issue Report (€300 mn 7NC3)

Company Spotlight: 03 May 2018, 8:50 AM ET - Aldesa (B2/B) is roadshowing a €300 mn senior secured bond (NC3) due 2025, to finance the redemption of the existing €250 mn 7.25% 2021 senior secured notes.

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

CRH vs SGO – 2017 Peer Comp and RelVal Assessment

Company Analysis: 06 Mar 2018, 10:06 PM ET - In the wake of our detailed analysis of 2017 financials and 2018 outlook, we are rolling our Outperform Recommendation on CRH and Underperform on Saint Gobain.

2018 Outlook: European IG Building Materials

Sector Outlook: 05 Feb 2018, 10:22 PM ET - In this piece, the third of our Global Building Materials & Construction series, we review our outlook for the European Construction Aggregates sub-sector of the BAML High Grade Index. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

US Constructn Outlook: Kingdom for an (Infra) Bill

Sector Outlook: 23 Jan 2018, 9:56 PM ET - In the second of our Global Building Materials and Construction Outlook series, we examine the prospects for the US Construction Market in 2018 after a year that promised much but delivered somewhat less.

EU HY Construction Outlook: Pt I - Fundamentals

Sector Outlook: 11 Jan 2018, 9:58 PM ET - In the first of two part article on the Outlook for our Euro High Yield Construction Coverage, we examine the economic backdrop for the Continent and underline our expectations for construction spending in 2018. 

December 2017 Europe Company Recommendation Change

Euro Recommendation Changes: 01 Jan 2018, 6:35 PM ET - Our monthly report provides executive summaries for the thirteen companies recommendation changes made on European companies during the month of December.

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