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Tesco

Tesco is the largest player in the UK grocery industry, with a market share of approximately 28%. The group has a presence in the UK non-food market across several categories, including apparel, health & beauty, electrical goods, clothing, and entertainment. The group has a strong position in Ireland and leading positions in several Eastern European and Asian markets (particularly Thailand and Poland), with a focus mainly on the hypermarket format (except in Ireland and Japan). Geographically, its home market represented 78% of revenue (ex. VAT, inc. fuel) in FY2018. Tesco has a grocery delivery service for online customers. (30 Oct 2018)

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Focused

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

Carrefour: New Euro Bond

IG Note: 26 Nov 2018, 6:04 AM ET - Carrefour (CAFP: Baa1/BBB+/BBB+) is in the euro market for the second time this year with another €500 mn bond.  
Focused

Tesco: Results of Bond Tenders

Worth Watching: 29 Oct 2018, 2:39 PM ET - Tesco (Ba1/BB+/BBB-), where we hold a Market perform opinion on the bonds compared with our investment grade/fallen angel UK and European retail coverage, announced the final results of its tender offers for six sterling bonds (the 2019s, 2022 ..

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

Tesco: New Euro Bond

HY Note: 17 Oct 2018, 5:28 AM ET - Tesco (Ba1/BB+/BBB-) is issuing a new 5-year euro bond for the first time since July 2014, after regaining an investment grade rating from Fitch just last week. 
Focused

Tesco: Possible New Euro Bond & Bond Tenders

Worth Watching: 15 Oct 2018, 10:25 AM ET - Tesco (Ba1/BB+/BBB-) has announced plans to issue a bond for the first time since July 2014 when its paper was rated investment grade by all three agencies. Today's announcement has come very soon after Fitch upgraded Tesco's issued default rat ..
Focused

Tesco: An Investment Grade Rating

Worth Watching: 10 Oct 2018, 1:00 PM ET - Tesco (TSCOLN: Ba1/BB+/BBB-), where we have a Market perform opinion compared with our investment grade/fallen angel UK and European retailer coverage, had its issuer default rating upgraded to BBB- from BB+ by Fitch just before close on 9 Oct ..
Focused

Tesco F1H19: International Rescue No-Go

Earnings Note: 03 Oct 2018, 11:20 AM ET - Tesco's F1H19 results showed a contrast in fortunes between the company's UK/ROI and International operations, ahead of Brexit. 
Focused

Tesco: Jack’s Without Jill Who’s at Tesco

Worth Watching: 19 Sep 2018, 7:43 AM ET - Tesco (TSCOLN: Ba1/BB+/BB+), where we have a Market perform opinion versus its European IG/fallen angel peers, announced that it would be launching Jack's, a new discount banner that would have a network of 10-15 stores in the UK within the nex ..
Focused

IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 
Focused

French Grocers: Competition Ref Blows the Whistle

Worth Watching: 16 Jul 2018, 10:49 AM ET - French Grocers , Auchan, Carrefour and Casino, will have noted that France's Competition Authority (CA) will be starting an inquiry into all three of their announced purchasing alliances - Carrefour with Système U, the Casino/Auchan/Schiever and ..

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 

John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

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? 

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.
Focused

Tesco: F1Q19 Sales - Still Battling On

Worth Watching: 15 Jun 2018, 3:13 AM ET - Tesco (TSCOLN: Ba1/BB+/BB+), where we have a Market perform opinion relative to our investment grade/fallen angel European retailers, updated on sales trends for the thirteen weeks ended 26 May 2018 (F1Q19). We would categorise the update as neu ..
Focused

Euro HY Conference 2018: Casino & Tesco

Transcript: 14 Jun 2018, 10:10 PM ET - We spoke about Casino and Tesco at our 2018 European High Yield Conference. We looked at how the two companies have fared in the past 12 months in an increasingly difficult European food retail environment.  

UK Retail Strategy: Brexit + Beast From The East

Strategy Analysis: 10 May 2018, 5:50 AM ET - An increase in the cost of imported goods triggered by the Brexit vote, the squeeze on consumer wages and the ‘Beast from the East’ have combined to dent the fortunes of UK retail.
Focused

Tesco: Sterling Bond Tender Results

Worth Watching: 30 Apr 2018, 6:49 AM ET - Tesco (TSCOLN: Ba1/BB+/BB+), where we hold a Market perform recommendation relative to our European IG/fallen angel retail names, announced non-binding indicative results of a tender for all of its fixed coupon sterling bonds. They suggest that ..

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