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Focused

Verisure New Issue – Tight Pricing for Secureds

Worth Watching: 08 Nov 2018, 1:33 PM ET -  Verisure has been roadshowing a new €1.012 bn secured bond and loan deal and a €100 mn tap of the existing 5.75% senior unsecured 2023 bonds since Tuesday (6 November). Price talk emerged this afternoon at 3.75% area for the new senior secure ..
Focused

Verisure New Issue: Dividends on Tap Anyone?

HY Note: 07 Nov 2018, 10:08 AM ET - A year on after a large debt-funded dividend recap, Verisure is back in the market. It is roadshowing a €1 bn bond and loan deal, with the proceeds to be used to call the existing secured bonds, repay RCF and pay a dividend to shareholders.
Focused

Verisure 2Q18: Growth Continues, Secured Yield Low

Earnings Note: 03 Sep 2018, 9:33 PM ET - Verisure continued to demonstrate its ability to drive strong revenue growth. The company may look to refinance its senior secured 2022 bonds in November 2018.

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? 
Focused

Euro HY Conference 2018: Support-Services

Transcript: 19 Jun 2018, 10:53 PM ET - We discussed our views on the riskier part of the support-services sector, five services bonds that yield over five per cent, at our European High Yield Conference. 
Focused

Verisure 1Q18: Sure on the Unsecureds

Earnings Note: 16 May 2018, 10:22 PM ET - Verisure's operating KPIs remain strong, although EBITDA margin edged down slightly in the first quarter.   

Selecta REFI: Do we Put Our Coin in the Slot?

HY Note: 19 Jan 2018, 5:56 AM ET - We comment on Selecta's large-scale REFI, including a EUR fixed rate tranche. 

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.

2017 Euro Conference: High Yield RV Panel

Transcript: 14 Dec 2017, 5:59 PM ET - We provide the transcript from the high yield relative value panel at our 2017 European Conference, highlighting key credits across the Consumer, Banks, Construction, Building Materials, Services and TMT sectors.
Focused

2017 Euro Conference: Support Services

Transcript: 12 Dec 2017, 4:03 PM ET - At CreditSights' 2017 European conference, we presented our thoughts on key macro drivers and trends in the European High Yield Support Services sector and discussed our RV recommendations. 
Focused

Verisure - Not 6%, but We’ll Take It

Worth Watching: 16 Nov 2017, 4:37 PM ET -  On 15 November, Verisure successfully priced new senior 2023 bonds, with a €980 mn 5.75% euro-denominated tranche and a SEK 1.65 bn FRN, with a Stibor + 575 bp coupon (0% floor). Both tranches priced at par. The bonds are structurally subordin ..
Focused

VERISR New Bonds: Is It Yield You’re Looking For?

HY Note: 13 Nov 2017, 1:51 PM ET - Verisure, the leading smart alarms services provider, is roadshowing new senior bonds, split between a fixed rate euro-denominated tranche and a SEK-denominated FRN. 
Focused

Verisure: Consent Solicitation for Dividend Recap

HY Note: 06 Nov 2017, 9:29 PM ET - Verisure has started consent solicitations from its bond and bank debt holders to allow for issuance of additional debt to make a ~€1 bn dividend payment.
Focused

Verisure: 3Q17 Improving All Around But Not Paying

Worth Watching: 30 Oct 2017, 8:17 PM ET - Verisure reported another strong set of financials, with key trends continuing from previous quarters. 3Q17 sales jumped 19% YoY as reported (+16.8% LFL), driven by continuing growth of the customer base (+14.5% YoY) and improvement in average ..

September 2017 Euro Company Recommendation Changes

Euro Recommendation Changes: 01 Oct 2017, 3:20 PM ET - Our monthly report provides executive summaries for the nine companies recommendation changes made on European companies during the month of September.

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

Verisure 2Q17: Strong Growth, but Expensive

HY Note: 05 Sep 2017, 10:14 PM ET - Verisure continued its string of results with outstanding double-digit growth in both revenues and EBITDA, and some improvement in net leverage. However, the bonds are looking increasingly expensive. 

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.
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.
Focused

Verisure 1Q17: Peace of Mind

Earnings Note: 10 May 2017, 10:05 PM ET - Verisure achieved double-digit growth in revenues, both on a reported and organic basis, and further improvement in profitability. Free Cash Flow remains negative due to high spending on customer acquisition.

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