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Sisal 2Q18: Solid Quarter, No Near Plan for Refi

Earnings Note: 19 Sep 2018, 11:54 PM ET - Sisal performed well in the quarter, but with short term trading to calls in the debt, and the continued overhang on the regulatory side, we remain on the sidelines of the credit. 

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? 
Focused

Sisal 1Q18: Focused on Payments & Services

Earnings Note: 13 Jun 2018, 10:41 PM ET - We maintain our Underperform recommendation.  Operating fundamentals are getting stronger, but we remain concerned about the lottery tender. 
Focused

European Gaming: Sovereign Risks Come to the Fore

Worth Watching: 31 May 2018, 9:55 PM ET - European Gaming: On opposite sides of the world, political and sovereign risks have picked up again in recent weeks, as Argentina deals with an FX freefall and Italy's politics threaten a fiscal scare. In Argentina, FX volatility is par for ..

May 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the fifteen companies recommendation changes made on European companies during the month of May.
Focused

Sisal 4Q17: Still Waiting For the Tender

Earnings Note: 14 May 2018, 11:18 PM ET - Finishing the year with cash of €211mn and leverage of 3.5x, Sisal is in a much stronger position ahead of the NTNG tender. Still, with the lack of details on the timing or the terms, the bonds do not merit a buy at these levels. 

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.
Focused

Italian Gaming: S&W Looks Headed to IGT-Led Group

Worth Watching: 17 Oct 2017, 11:57 PM ET - Italian Gaming: The preliminary terms of the instant ticket renewal were published in the Official Gazzette, indicating that the government will seek to renew with the existing concessionaire. The government expects to raise €800mn, split €50m ..

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.   
Focused

Sisal 2Q17: Playing the Lottery

Earnings Note: 18 Sep 2017, 10:59 PM ET - The upcoming lottery concession is the primary consideration in current bond trading - we maintain our Outperform recommendation on the notes. 
Focused

Euro HY Conference 2017 – Gaming Transcript

Transcript: 20 Jun 2017, 5:20 AM ET - This is a transcript of the talk we gave at the CreditSights Euro High Yield Conference in London on June 13th. 
Focused

Italian Gaming: Navigating Competition and Taxes

Earnings Note: 01 Jun 2017, 4:16 AM ET - We review 1Q17 results from Schumann Group and Snaitech. We maintain our Outperform recommendation on SCHMAN bonds and Market perform on SNAIM bonds.  

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.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

September 2016: Company Coverage Initiated

Company Coverage Initiated: 02 Oct 2016, 11:17 AM ET - Our monthly report provides executive summaries for the eighteen company on which we launched coverage in the US, Europe, and Asia during the month of September.
Focused

Spotlight on Sisal Group: Initiate at Outperform

Company Spotlight: 19 Sep 2016, 10:25 PM ET - We launch coverage on the Sisal 7s due 2023 with an Outperform recommendation. 

Taking a Back Seat on UK Retailers

Sector Analysis: 11 Jul 2016, 10:20 PM ET - Following the plunge in UK consumer confidence amidst Brexit-related economic and political uncertainty, we take a more defensive position on UK high yield retailers. We shift to Hold from Buy on NEWLOK (1L and subs) and Iceland (1L)

US Retail: 4Q15 Roundup

Sector Analysis: 01 Apr 2016, 3:00 AM ET - We provide an update on operating metrics and earnings trends in the US Retail universe in the wake of a rocky-for-some fourth quarter.

Retail Outlook 2016: Relative Value (2 of 2)

Sector Outlook: 08 Feb 2016, 11:41 PM ET - In part two of our 2016 Retail outlook, we provide a look at relative value, name specific credit summaries and discuss updates to our trading recommendations in a reactive environment for Retailer bonds.

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