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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.

October 2018 Company Coverage Initiated

Company Coverage Initiated: 31 Oct 2018, 10:03 PM ET - Our monthly report provides executive summaries for the ten companies on which we launched coverage in North American and Europe during the month of October.

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.
Focused

Techem F1Q19: Warm Enough?

Earnings Note: 03 Oct 2018, 10:01 PM ET - Techem reported mixed results in the first quarter of its fiscal year, with a small decline in revenues, but an improvement in EBITDA. This was the first set of results after the issuance of the new €465 mn 6% 2026 bond in July.
Focused

Techem: New Bond Blitz

Company Spotlight: 18 Jul 2018, 9:41 PM ET -  In this report we provide an analysis of the key considerations for potential investors in Techem's new €465 mn senior 2026 bond. The deal is part of the acquisition financing for a €4.6 bn LBO of Techem led by Partners Group.

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: 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.

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.

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.

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.   

Ista – Selling, Selling, Sold!

Worth Watching: 28 Jul 2017, 12:42 PM ET -  News came out on Thursday evening that CVC Capital has agreed to sell ista, the German sub-metering company, to a 65/35 joint venture between Cheung Kong Property Holdings (CKP) and CK Infrastructure Holdings (CKI). CKP is a leading property d ..

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.
Focused

Techem: FY17 Update and Refi

Earnings Note: 13 Jul 2017, 9:32 PM ET - Techem posted  solid FY17 results, with revenue growth and improvement in EBITDA margins. The company also announced a decision to refinance its entire debt structure with new senior secured term loans and revolving credit facilities.

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 HY Conference 2017: Travel Services Transcript

Transcript: 20 Jun 2017, 7:47 PM ET - In this article, we transcribe our Travel Services presentation for CreditSights' Euro High Yield Conference, in which we laid out our views on the European Travel Services space and took a closer look at Travelex.

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.
Focused

Euro HY Conference 2017: Services Transcript

Transcript: 14 Jun 2017, 8:25 PM ET - In this article, we transcribe our presentation to CreditSights' European High Yield Conference, in which we presented our thoughts on how to analyse the European High Yield Support Services sector and discussed our views on single names.

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