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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

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.

Wm Morrison: Not Quite Whole-ly Perfect F3Q19

Worth Watching: 06 Nov 2018, 4:42 AM ET - Wm Morrison (MRWLN: Baa2/NR/NR), where we hold an Outperform opinion relative to its sterling UK IG/fallen angel retail peers, updated this morning on trading for the 13 weeks ended 4 November 2018 (F3Q19). Total group sales (including fuel), u ..

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.

Wm Morrison: Litigation Loss

Worth Watching: 22 Oct 2018, 2:10 PM ET - Wm Morrison (MRWLN: Baa2/NR/NR), where we hold an Outperform opinion relative to our investment grade/fallen angel UK retail sterling issuing coverage, might face significant damages to settle a legal case brought by its employees. The markets ..

John Lewis and Wm Morrison F1H19: Brexit Effects

Earnings Note: 13 Sep 2018, 9:45 PM ET - John Lewis Partnership and Wm Morrison delivered F1H19 results that underscored, if that was needed, that grocers are coping better than department stores in the run up to Brexit.      

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. 

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 ..

Wm Morrison: More Bond Tenders

Worth Watching: 20 Jun 2018, 4:53 AM ET - Wm Morrison (MRWLN: Baa2/NR/NR), where we hold an Outperform opinion, announced tender offers for up to the sterling equivalent of £200 mn yesterday morning (Tuesday 19 Jun 2018) for three of its four sterling bonds. The company is tendering fo ..

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.

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.

Wm Morrison: F1Q19- Another Strong Quarter

Worth Watching: 10 May 2018, 5:19 AM ET - Wm Morrison (MRWLN: Baa2/NR/NR), where we have an Outperform recommendation, released this morning a trading update for the thirteen weeks ended 6 May 2018 (F1Q19) that showed another quarter of strong like for like (LFL) growth. Management mai ..

Tesco and Wm Morrison: Sainsbury’s ASDA

Worth Watching: 29 Apr 2018, 10:04 PM ET - Tesco and Wm Morrison : Sainsbury's confirmed on Saturday that it was in advanced talks with Walmart to merge with ASDA, Walmart's subsidiary. As we write, the UK's weekend press has been surprisingly silent on any further details. A further an ..

IG European Retail: The Fin Services Opportunity

Sector Analysis: 09 Apr 2018, 10:48 PM ET - We examine the place of consumer finance services in our IG/fallen angel European retail coverage.  

Wm Morrison FY2018: A Safeway

Earnings Note: 14 Mar 2018, 10:53 AM ET - Wm Morrison’s latest results supported our preference for this UK retail name over its IG/fallen angel peers.  

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.

IG/Fallen Angel UK Retail: Incomparable Christmas

Sector Analysis: 11 Jan 2018, 9:59 PM ET - Tesco, M&S, and John Lewis all reported 'Christmas' sales, each covering a different trading period.  

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