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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? 

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.   
Focused

Tui AG: F1Q17 - Hotel Growth Sustains Guidance

Worth Watching: 14 Feb 2017, 3:58 PM ET - Tui AG (Sr Unsec: Ba2/BB) reported a decent F1Q2017 which pushed the equity to a 52-week high. As the company focuses its portfolio on less seasonal businesses, the first quarter still contributes less than 20% of annual revenues and it typicall ..

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.

October 2016 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Oct 2016, 8:21 PM ET - Our monthly report provides executive summaries for the sixteen company recommendation changes made on European companies during the month of October.
Focused

Tui AG Prices New Issue

HY Note: 20 Oct 2016, 6:03 AM ET - Tui tapped the debt markets for a 5-year 2.125% non-call senior note where we initiate a Market perform recommendation. 
Focused

Tui AG: Solid Summer; UK Driving Winter Season

Worth Watching: 28 Sep 2016, 9:31 PM ET - Tui AG (Sr Unsec: Ba2/BB-) provided its pre-close trading update as of September 28. On the whole, TUI had a solid Summer 2016 season with revenue and bookings in source markets up 1% and 97% of the program sold. Results were hampered by weak d ..
Focused

Tui AG: No Brexit Impact Yet; Other Issues Weigh

Worth Watching: 11 Aug 2016, 11:14 PM ET - Tui AG (Sr Unsec: Ba2/BB-) reported 3Q16 revenue of €4.6 bn, down 6% YoY, and underlying EBITA of €180 mn, up 1%.  The environment is challenging, primarily due to geopolitical risks.  TUI tries to redirect demand from troubled areas in North Af ..

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)
Focused

European Leisure: Equities Hit by Brexit

Worth Watching: 27 Jun 2016, 9:21 PM ET - European Leisure: Equities traded down heavily for a second day in the wake of the Brexit vote.  Action in the bonds was more subdued, but the CDS appears to be correlating with the equity.  First and foremost, leisure companies are strongly corr ..

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.
Focused

Tui Group: Positive Trends Despite Terrorism

Worth Watching: 31 Mar 2016, 7:16 PM ET - Tui Group (Sr Unsec: Ba3/BB-) produced its pre-close trading update as of March 31. Broadly, TUI delivered a respectable performance for the Winter 2015/16 season with revenue up 3% across the Source Markets segment, with 95% of the program sold ..

Euro Weekly: Scoring the New iTraxx

Euro Weekly: 28 Mar 2016, 11:23 PM ET - We look at the latest iTraxx roll using CreditSights’ Risk Products charting tool. 
Focused

Tui: F1Q16 - Stable, but Terrorism Clips Demand

Worth Watching: 09 Feb 2016, 8:17 PM ET - Tui (Sr Unsec: Ba3/BB-) reported a modestly improved result in the seasonally soft fiscal 1Q16. Revenues were up a 5% YoY, on the strength from the Northern Region, particularly the UK.    Underlying EBITA was essentially flat to the prior year ..

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.

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.
Focused

Tui Group: Robust Summer, Strong Winter Pricing

Worth Watching: 23 Sep 2015, 12:49 PM ET

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