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Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

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.

Euro HY Conference 2018: Insurers and Utilities

Transcript: 19 Jun 2018, 10:51 PM ET - Hybrid bonds issued by European Utilities and Insurers offer an interesting investment opportunity considering their relatively high yield levels while benefiting from strong ratings. We believe they offer an excellent risk/return.

2018 Outlook: Euro Utilities, Brave New World

Sector Outlook: 12 Dec 2017, 4:04 PM ET - In 2018 we see operating results and credit quality being relatively stable for the utility sector, but longer term increasing competition and declining profitability will likely lead to anew wave of M&A.

UK Utilities: Draft Leaves Hard Work To Ofgem

Sector Analysis: 12 Oct 2017, 10:20 PM ET - Draft legislation will enable the imposition of supply price caps in the UK but fell short of any clarity on the mechanics or level of the cap. The hard work in that regard falls to Ofgem.  

UK Utilities: Pummelled By Price Cap Uncertainty

Sector Analysis: 04 Oct 2017, 10:30 PM ET - UK utility share prices were pummelled on Wednesday after the government resurrected the prospect of price caps on the standard variable tariff. We cut Centrica and SSE to Underperform.

UK Utilities: Tough Price Controls Ahead

Sector Analysis: 18 Jul 2017, 10:42 PM ET - Last week both Ofwat and Ofgem came out with consultation documents for their next regulatory periods. One thing is clear, the customer is the focus and the allowed cost of capital is going to be lower.

Euro Utilities: EVs Not A Big Demand Driver

Sector Analysis: 12 Jul 2017, 9:00 PM ET - When utilities talk about increasing demand from EV’s they are largely deluding themselves, at least in the medium term. 2020 goals for EV penetration will only increase electricity use by about 1% in European countries.

Euro Utilities: Talkin' Bout My Generation 2017

Sector Analysis: 15 Jun 2017, 10:32 PM ET - We focus on the 2016 generation portfolios of the major European utilities in our annual look at this business segment, which still, on average, makes up more than a third of company EBITDA.

UK Utilities: Uncertainty Up, Cut Centrica & SSE

Sector Analysis: 11 May 2017, 10:03 PM ET - We cut both Centrica and SSE to Underperform as political uncertainty rises for the UK utilities.

UK Utilities: Price Caps Rear Their Ugly Head

Sector Analysis: 24 Apr 2017, 7:34 PM ET - Uncertainty in the UK energy market is rising with further talk of price caps, but no details have yet been disclosed.

Euro Utility Outlook 2017: Stable Despite Issues

Sector Outlook: 05 Jan 2017, 9:49 PM ET - 2016 has been a difficult year for the Euro utilities, we see 2017 being much the same, although longer term prospects should improve.

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.
Focused

Snam: Issues €500 mn Four Year Zero Coupon Bond

Worth Watching: 18 Oct 2016, 12:06 PM ET - Snam (Baa1/BBB): On 18 October Snam approached the market with a €500 mn no grow four year (maturity October 2020) bond with initial price talk in the MS + 30/35 bps range. A reported book of €1.7 bn saw guidance tightened to MS + 20/25 bps wit ..
Focused

Snam: Tender and New Issue

Worth Watching: 10 Oct 2016, 5:23 PM ET - Snam (Baa1/BBB) announced on 10 October 2016 it would be issuing a new benchmark bond in euros combined with a tender on its existing bonds. The amount of the tender is up to a maximum €2 bn which may be allocated between the existing notes at ..
Focused

Snam: Bondholders Approve Italgas Separation

Worth Watching: 02 Oct 2016, 7:37 PM ET - Snam (Baa1/BBB) announced on 30 September that bondholders had approved the separation of Italgas from Snam, with holders of 86% of the outstanding principal amount represented and 99.7% of those represented voting in favour. The transaction ha ..
Focused

Snam: Quorum For Bondholder Consent

Worth Watching: 08 Sep 2016, 10:53 AM ET - Snam (Baa1/BBB): Following our comment on the Snam consent process, we had a brief conversation with Snam treasury. It stated the quorum required for the bondholder meeting is not the 50% stated in the EMTN prospectus but is instead governed by ..
Focused

Snam: Bondholder Consent Sought For Separation

Worth Watching: 07 Sep 2016, 2:38 PM ET - Snam (Baa1/BBB): Last week Snam announced that it would be calling a Bondholder's meeting on 30 September so that bondholders can approve the separation of Italgas from Snam. The separation of Italgas (Italian gas distribution, [24% of pre-sepa ..

PPL Bonds Gap Out on Brexit; 60% of EPS from UK

Company Analysis: 05 Jul 2016, 10:10 PM ET - We like the yield pickup in PPL holdco bonds that sold off on the weaker GBP exchange rates following the Brexit vote. 

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