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Unilever

Unilever is a part-food and part-consumer products company with roughly half of its revenues generated by each. The group has four business lines: Foods (23% of FY17 revenues), Refreshment (18%), Personal Care (39%) and Home Care (20%). Unilever is well diversified over its three geographic segments, Asia/Africa/Mid East/Russia/Ukraine/Belarus (43% of FY17 revenues), the Americas (33%, of which LatAm was around half) and Europe (24%). The group has two separate legal parent companies Unilever NV (Netherlands) and Unilever PLC (UK), preserving the two predecessor companies which 'merged' to form the group. Both parents have separately listed shares but have the same board of directors and operate as a single business through an equalization agreement. Shareholders of both NV and PLC have the same rights and benefits. All bonds issued in the capital markets by the Unilever group entities are pari-passu and are the liabilities of the single Unilever business, unless otherwise stated. Plans to propose to shareholders the replacement of this current legal structure with a conventional single parent company domiciled in the Netherlands are advanced. (10 Sep 2018)

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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.
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Unilever: Less of a Horlicks - Credit Neutral

Worth Watching: 03 Dec 2018, 5:45 AM ET - Unilever (UNANA: A1/A+/A+), where we hold an Underperform opinion relative to its European food & beverage peers, announced a transaction to purchase Horlicks that looked to be credit neutral, an outcome that was better than our prediction (Unil ..
Focused

Unilever NV/PLC: Internal Change

Worth Watching: 29 Nov 2018, 4:34 AM ET - Unilever NV/PLC (UNANA: A1/A+/A+), where we hold an Underperform opinion versus its European food & beverage/HPC peers, announced that its new CEO will be a company lifer and take over executive leadership in less than five weeks' time (1 Jan 2 ..
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Unilever: A Horlicks

Worth Watching: 28 Nov 2018, 2:47 PM ET - Unilever (A1/A+/A+), where we hold an Underperform opinion relative to its European food & beverage /HPC peers, is reported to have emerged as the front runner to acquire GlaxoSmithKline PLC's 72.5% stake in its Indian consumer healthcare subsi ..

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.
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Unilever and Nestlé: 3Q/9M Sales Updates

Worth Watching: 18 Oct 2018, 5:57 AM ET - Unilever and Nestlé both announced latest sales trading for the period to 30 Sep 2018 this morning. Unilever comments on 3Q trends with nine months' numbers provided, and Nestlé concentrates on its nine months performance in its written materia ..

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            
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Unilever PLC/NV: Not a Leaver

Worth Watching: 05 Oct 2018, 4:37 AM ET - Unilever PLC/NV (UNANA: A1/A+/A+), where we hold an Underperform opinion relative to its European food & beverage/HPC peer group, announced that it was withdrawing its plans to simplify its dual parental structure.  Added to the loss of the 5 ..
Focused

Unilever: Simplification Resistance & Bondholders

Worth Watching: 01 Oct 2018, 1:38 PM ET - Unilever (UNANA: A1/A+/A+), where we hold an Underperform opinion relative to our investment grade European food & beverage/HPC coverage, seems to be encountering institutional shareholders' resistance to its plans to simplify its dual parent s ..

Nestlé: New Multi-Tranche USD Issuance

IG Note: 17 Sep 2018, 10:09 AM ET - Nestlé is marketing a six-part 144A/Reg S dollar deal to US-based investors to help pay for its $7 bn Starbucks agreement. 
Focused

Unilever NV/PLC: New Dollar Bonds

IG Note: 04 Sep 2018, 11:16 AM ET - Unilever is back in the market again for the fourth time this year, this time in dollars, and after issuing €1.3 bn  in euros last week. 
Focused

Unilever NV/PLC: New Euro Bonds

IG Note: 28 Aug 2018, 4:58 AM ET - Unilever is in the market bringing a new dual-tranche euro issue. 
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Unilever NV/PLC 1H18: Shareholder Friendly

Earnings Note: 19 Jul 2018, 12:55 PM ET - Unilever’s 1H18 results highlighted its tilt towards rewarding shareholders since KHC’s abortive bid approach early last year.        

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

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: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.
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Unilever NV/PLC: Consent Solicitations

Worth Watching: 31 May 2018, 6:05 AM ET - Unilever NV/PLC (UNANA: A1/A+/A+), where we hold an Underperform opinion relative to its European food & beverage peers, announced consent solicitations for its euro and sterling bonds (issued by NV and PLC, respectively), following the company' ..
Focused

Unilever and Nestlé: 1Q18 Updates

Worth Watching: 19 Apr 2018, 5:53 AM ET - Unilever and Nestlé both announced sales for three months to 31 Mar 2018 (1Q18) this morning. We would expect Unilever spreads to move a little wider against broad markets in reaction to its announcement. Nestle's update looked neutral for its ..
Focused

Unilever NV/PLC: New Dollar Bonds

IG Note: 19 Mar 2018, 12:51 PM ET - Unilever is in the market bringing a new four tranche dollar issue. 

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