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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.

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

Uniper: 1H18 - Sees Power Prices Improving

Worth Watching: 07 Aug 2018, 5:46 AM ET - Uniper (NR/BBB) is not, in itself, of huge interest to fixed income investors. It has only one outstanding bond, a €500 mn benchmark size, but with a maturity in December 2018. There may be some renewed interest in Uniper around the autumn when ..

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.

Nordic Utilities 1Q18: Good Start To The Year

Earnings Note: 29 Apr 2018, 9:53 PM ET - The three main Nordic utilities reported solid results for 1Q18. For Vattenfall and Ørsted it was business as usual but Fortum still has the uncertainty of the Uniper transaction. Maintain M/P on Vattenfal and Ørsted and U/P on Fortum.

Russia Sanctions: A Euro Credit Market Perspective

Strategy Analysis: 19 Apr 2018, 11:31 PM ET - We take a look at the impact of Russian sanction on euro credit markets and identify the companies with the most significant revenue exposure to the country.

Euro Utilities: 2017 Results Roundup

Sector Analysis: 12 Apr 2018, 10:19 PM ET - We take a look at the trends and the highlights of the recent 2017 Euro utility results season 

Fortum: Moody's Cuts To Baa2

Worth Watching: 15 Feb 2018, 4:50 AM ET - Fortum (Baa2/BBB/BBB+▼): Following Fortum's announcement that it has obtained a 47.12% shareholding in Uniper, Moody's has cut its unsolicited rating on Fortum to Baa2, from Baa1. The rating, which incorporates a one notch uplift for Finnish St ..
Focused

Fortum: Final Tender Result - 47.12%

Worth Watching: 07 Feb 2018, 10:48 AM ET - Fortum (Baa1▼/BBB/BBB+▼) announced that the final acceptance of its Uniper tender offer had reached 47.12%. This mean that apart from the shares bought from E.ON, only a further 0.47% of Uniper shareholders tendered their shares in the Fortum ..

Fortum FY17: Good FY17 But What Now With Uniper?

Earnings Note: 04 Feb 2018, 9:50 PM ET - Fortum reported strong FY17 results bolstered by a good fourth quarter, but the real credit issue is the tender offer for Uniper. We look at the potential options for Fortum.

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.
Focused

Uniper: Updates Stand-Alone Strategy

Worth Watching: 07 Dec 2017, 5:39 AM ET - Uniper  (NR/BBB-):  In what was a thinly disguised appeal to shareholders not to sell to Fortum, on 7 December Uniper updated its strategy and gave 2018 guidance. It pledged to increase dividends at an average 25% per year to 2020 and that 2018 ..
Focused

Uniper: Management Rejects Fortum's Offer

Worth Watching: 21 Nov 2017, 9:10 PM ET - Uniper (NR/BBB-) has issued its formal response to the Fortum offer for the company in the form of a Joint Substantiated Statement of the Management Board and the Supervisory Board of Uniper. Both Boards are of the opinion that the offer is no ..
Focused

Uniper: 9M17 - Solid Numbers, Fortum Looming

Worth Watching: 07 Nov 2017, 9:51 AM ET - Uniper (NR/BBB-) has only one €500 mn bond outstanding, that bond trades tight and it has a short maturity (December 2018), all of which makes Uniper relatively uninteresting from a fixed income point of view. Except that Fortum (Baa1▼/BBB+▼/BB ..

Fortum 9M17: Good 3Q But Nothing New On Uniper

Earnings Note: 26 Oct 2017, 9:44 PM ET - Fortum reported a relatively strong 3Q17 but the results are really just noise around the main concern, which is the Uniper transaction. There was nothing materially new on Uniper.

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.

Fortum: Update After Conference Call

Worth Watching: 27 Sep 2017, 3:32 PM ET - Fortum (Baa1/BBB+▼/BBB+): We listened to the Fortum conference call after its announcement yesterday of the agreement with E.ON on Uniper, but beyond what the company released there is not really much to add. We found it to be a generally frust ..
Focused

Fortum: Reaches Agreement With E.ON on Uniper

Worth Watching: 26 Sep 2017, 1:24 PM ET - Fortum (Baa1/BBB+▼/BBB+) announced after close of business on 26 September that it had reached agreement with E.ON over the purchase of E.ON's 46.65% stake in Uniper. There will be an analyst and investor call at 11:00 (CET) on 27 September, di ..

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