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Salini: Confirms “Non-Binding” Interest in Astaldi

HY Note: 16 Nov 2018, 11:12 AM ET - Salini Impregilo (NR/BB/BB+) issued a short statement last night confirming its "in-depth analyses aimed at assessing the potential of an industrial integration, consistently with its financial objectives", in relation to Astaldi.

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.

CMC Ravenna: Breach of Trust

HY Note: 15 Oct 2018, 11:26 PM ET - Even by the standards of a calamitous 1H18 earnings release, today's news from CMC Ravenna was a disaster. We give our first reactions to the news, and intend to follow up with more analysis thereafter. 
Focused

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.
Focused

Salini: “Vulture” Approach for Astaldi Assets?

HY Note: 03 Oct 2018, 10:21 PM ET - Salini indicated overnight that it is monitoring the Astaldi situation closely, raising the prospect of a bid for some of its weaker compatriot's assets. 

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.
Focused

Salini 1H18: Mixed Prevailing Winds, Stay UP

Earnings Note: 31 Jul 2018, 12:47 PM ET - We retain our Underperform on Salini in the wake of a mixed set of 1H18 financials. 

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.

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. 
Focused

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.

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. 

March 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 Apr 2018, 9:44 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of March.
Focused

Astaldi vs Salini: No News is Good News, and Bad!

Earnings Note: 16 Mar 2018, 12:30 AM ET - In this piece we review the FY17 results announcements from the two Italian High Yield Construction majors Astaldi (ASTIM) and Salini (IPGIM), which came after markets close last night.

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.

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