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Healthcare: 2Q18 Earnings Recap

Sector Analysis: 15 Aug 2018, 9:59 PM ET - In this note, we recap 2Q18 earnings results in US Healthcare with a focus on the Health Insurers, Medical Device manufacturers and Pharmaceutical companies.

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

Stada: Soft 4Q17 after a Solid 9M17 & DPLTA Signed

Earnings Note: 09 Mar 2018, 6:47 AM ET - Stada reported predictably soft results in 4Q17, but this came after a strong 9M17. The reason for poor results appear to be one-off in nature and management is guiding for strong growth, aided by cost-saving initiatives. 

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

2017 Euro Conference: European HY Healthcare

Transcript: 14 Dec 2017, 5:59 PM ET - In this presentation we discuss the outlooks for three different sub sectors within the European HY healthcare. These sub sectors are: the £ HY healthcare credits, the diagnostic laboratories sub sector and the performing pharma companies.

November 2017 Company Coverage Initiated

Company Coverage Initiated: 01 Dec 2017, 12:03 AM ET - Our monthly report provides executive summaries for the nine companies on which we launched coverage in the US and Europe during the month of November.
Focused

Stada 3Q17: Bonds Don't Compensate for Elliott Risk

Worth Watching: 10 Nov 2017, 8:43 AM ET - Stada 3Q17: (Secured: B2/B+, Unsecured: Caa1/B-) reported solid 3Q17 results, reinforcing our constructive fundamental view on the business. Reported revenues grew by 9% YoY (8% once adjusted on an organic and constant-currency basis) and report ..

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

Stada: Not Your Generic €HY Healthcare Company

Company Spotlight: 20 Sep 2017, 7:40 PM ET - nStada, a leading international healthcare and pharmaceutical company, is in the market with a €485 mn 7NC3 SSN and a €340 mn 8NC3. The company has a strong business profile, but key risks surround the quality of the structure of the note.

Euro HY Conference 2017: Healthcare Transcript

Transcript: 20 Jun 2017, 11:35 AM ET - This is a transcript of the talk we gave at the CreditSights Euro HY Conference. We discuss our recommendations in the sector and where we feel comfortable taking a ‘risk on’ position, and we provide an update on the UK social care sector.

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 High Yield Healthcare: 2017 Outlook

Sector Outlook: 12 Jan 2017, 10:29 PM ET - We discuss key themes and update our views on RV for European HY healthcare credits (including cross-over). We recommend an underweight position to the sector and favour exposure to the €HY healthcare sector over the £HY healthcare sector.

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.

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.

Retail Outlook 2016 (1 of 2)

Sector Outlook: 02 Feb 2016, 5:54 AM ET - As retailers wrap up the 2015 fiscal year, we offer our view on the prospects for 2016.

Pharma 2016 Outlook: Relative Value (2/2)

Sector Outlook: 13 Jan 2016, 11:14 PM ET - In part two of our 2016 outlook, we provide company-specific recommendations with a focus on event risk, credit fundamentals, operating trends, and relative value.

Pharma 2016 Outlook: Upgrading to M/P (1/2)

Sector Outlook: 03 Jan 2016, 11:27 PM ET - We are upgrading our recommendation on the Pharmaceuticals sector to Market Perform as we expect strong operating performance, driven by a wave of new drug launches with blockbuster potential, and lower event risk.

European Consumer: 2016 Outlook - Drama & Suspense

Sector Outlook: 10 Dec 2015, 11:53 PM ET - We have updated our frameworks for assessing relative value in our high grade European food & beverage and retail names for 2016, the 400th anniversary of William Shakespeare's death. We have made six changes to our opinions as a result.

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