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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? 

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 ..

Snaitech: 1Q18 - Sports Betting Discipline

Worth Watching: 16 May 2018, 10:16 PM ET - Snaitech (Sr: B2/B) reported strong 1Q18 results, driven by the sports betting performance.  Revenues slipped 2% YoY due to the PREU increase and the reduction in AWP machines, but sports betting well offset the impact, pushing EBITDA up 34%. Sp ..

Playtech To Acquire Snaitech

Company Analysis: 13 Apr 2018, 5:51 AM ET - Playtech's play for Snaitech marks another evolution of M&A in the European gaming sector. The cross-border, vertical integration is another effort to manage the risks of competition and regulation. 

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.

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.   

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. 

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.

SNAI 3Q16: Management Sees Benign 2017 Regs

Earnings Note: 15 Nov 2016, 11:40 PM ET - SNAI reported stable 3Q16 betting and earnings trends, and management commented on the 2017 regulatory outlook.  We maintain our Market perform. 

Snai: Prices Fixed/Floating Notes for Refi

Worth Watching: 26 Oct 2016, 7:19 PM ET - Snai (Issuer: B2/B) priced two series of notes totaling €570 mn.  The €320 mn 5 yr fixed priced at par with a coupon of 6.375% and the €250 mn 5 yr floating priced at 99 with a coupon of E+600.   The notes priced slightly wider than we would hav ..

HY Note: SNAI Looking to Refi Ahead of Tender

HY Note: 26 Oct 2016, 4:48 AM ET - SNAI is looking to refinance its existing debt which will both simplify the structure and significantly reduce the coupons.  

September 2016 Euro Company Recommendation Changes

Euro Recommendation Changes: 02 Oct 2016, 11:15 AM ET - Our monthly report provides executive summaries for the thirteen company recommendation changes made on European companies during the month of September.

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. 

Cirsa 2Q16: Spain Strengthens

Earnings Note: 07 Sep 2016, 11:08 PM ET - Cirsa delivered a solid earnings increase (+7%) aided by a steadily improving demand trend in Spain. Volatility persisted from region to region but the overall result was positive.

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)

SNAI: 1Q16-Cogemat, Wagers Drive Earnings Gain

Worth Watching: 16 May 2016, 8:55 PM ET - SNAI reported 1Q16 revenues of €220 mn, up 41% YoY, and adjusted EBITDA of €41 mn, up 90%. The report of the 1Q performance comes soon after the company provided its 2015 results, and the operating trends have largely unchanged. The benefit of ..

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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