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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.
Focused

Refresco 3Q18: Sunny But Light

Earnings Note: 21 Nov 2018, 9:23 PM ET - Refresco's overview of the Cott integration was high on assurances if low on detail, "nicely on track" according to management. Whilst the summer weather boosted topline, RM and operational headwinds remain, meaning execution of Cott is key

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.

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            

August 2018 Company Coverage Initiated

Company Coverage Initiated: 02 Sep 2018, 9:48 PM ET - Our monthly report provides executive summaries for the four companies on which we launched coverage in North America and Europe during the month of August.
Focused

Refresco 2Q18: Leakage

Earnings Note: 20 Aug 2018, 10:04 PM ET - The gap between deal-time expectations and 2Q results unsettled sentiment causing another 2 point drop. The underlying Cott integration seems to be on track but performance at old Refresco lagged. When will it be time to buy Refresco?

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

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: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.
Focused

Refresco HY: My, Haven't You Grown!

HY Note: 25 Apr 2018, 9:41 AM ET - Refresco has been transformed by its biggest acquisition (Cott) and now its take-private by Pai and BCiMC. It benefits from scale, diversification and can further optimize efficiency, but how hard will the US integration be to pull off?

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 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.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

2017 Euro Conference: IG Consumer

Transcript: 11 Dec 2017, 8:47 PM ET - We spoke about our outlook for our high grade and crossover European food & beverage and retail names in 2018, the 50th anniversary of the Apollo 8 space mission.

IG European Consumer 2018: M&A Orbits

Sector Outlook: 07 Dec 2017, 9:37 PM ET - We have updated our frameworks for assessing relative value in our high grade and crossover European food & beverage and retail names for 2018, the 50th anniversary of the Apollo 8 space mission, and have made five changes to our opinions.

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.   

IG European Food & Beverage: 2H17 Outlook

Sector Outlook: 20 Aug 2017, 7:47 PM ET - We have looked at 2H17 themes for investment grade European Food & Beverage and updated our recommendations on the names.  

Stonegate FY16: More Bolt-Ons

HY Note: 24 Jan 2017, 5:38 AM ET - We review STGATE FY16 results through the prism of the most recent bolt-ons.

European Consumer: 2017 New IG & Xover Issuance

Sector Outlook: 18 Jan 2017, 10:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2017.

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