NEWS
THE LATEST FROM OUR EXPERTS
Monthly review – August 2023
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Monthly review – July 2023
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Korea Hydro & Nucl. $5% 2028
The recently issued Korea Hydro and Nuclear Power $5%
Strategy H2 2023
The markets are calm after a period of high
Monthly review – June 2023
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ACCOR €2.625% NC25
After a difficult period linked to the pandemic, the
Cheniere Energy Partners
Improving its capital structure along with continuing demand for
Linde Plc – a defensive play
New Euro denominated Linde Plc - a defensive business
Monthly review – May 2023
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L’Oréal – A beauty powerhouse
L'Oréal - a worthy play for defensive portfolios. Don’t
FLASH – A debt ceiling countdown
The clock is ticking in the US. Without any
Meta is back!!
After two difficult years, META reversed its trend to
Monthly review – April 2023
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Porsche SE in the race!
Posh and cheap: the new inaugural euro Porsche SE
Risk-reward in US Dollar
The recent volatility from the turmoil in the banking
Monthly review – March 2023
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FLASH – DB is not the next CS
After three US regional bank and Credit Suisse, who
FLASH – The Swiss Tragedy
Credit Suisse or a Swiss tragedy: initially there was
FLASH – A self-fulfilling financial stress?
What a week! the spectre of 2008 came to
FLASH – US Banks – the tide is still falling
As Warren Buffett said: “Only when the tide goes
Income value in $ IG?
With yields up and spreads tighter, the attractiveness of
Monthly review – February 2023
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€ BBB in the loop
While Euro denominated Investment Grade is attractive versus High
FLASH – Adani in muddy waters
Defined as "the biggest scam in corporate history" by
Monthly review – January 2023
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CNP Ass. becomes Green
Enjoying strong fundamentals, the recently issued Tier 2 with
Daimler Truck $ 5.20% 01/25s
A USD denominated short-dated issue from Daimler Trucks, which
Monthly review – December 2022
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Strategy H1 2023
After a very turbulent 2022, will 2023 bring more
EUR Corporates – opportunities
With the main driver of credit now being ratings
Monthly review – November 2022
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A 5B-rated SLB from Valeo
A new sustainability-linked bond from Valeo, complementing the SLB
Iceland Food – Follow-up
GBP denominated short-dated bonds of the UK frozen food
An “ethic” Carrefour bond
The recently issued sustainability-linked bonds from the French food
New FAURECIA € 7.25% 26s
In a context of scarcity of EUR denominated good
Gas supply crisis
While the basic industry sector is being hurt by
Monthly review – October 2022
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ELIS – a defensive profile
Current uncertain environment push us to favor defensive credit
Orpea – Update
ORPEA is opening an amicable conciliation procedure with substantial
Legal & General: GBP Tier 2s
Recent turmoil in the Gilt market has affected the
ITV € 1.375% 09/2026
With GIC about to become the leading shareholder alongside
FLASH – Sani Ikos – GIC on board
With GIC about to become the leading shareholder alongside
$ BBB 3-5 year picks
The move higher in yields and spreads is offering
Monthly review – September 2022
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Coca Cola HBC – € 3Y Green
“Refreshingly sustainable”, Coca Cola HBC is getting greener with
Volvo € 2.625% 02/26
Back to quality : a decent yield for this
European Insurers – Best picks
Upward interest rate trend has been one of the
TAP SA € 5.625% 12/24
A compelling risk/reward trade-off for this short-dated bond from
Monthly review – August 2022
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LV Friendly £ 6.5% 2023-2043
An interesting Yield to Call for the GBP denominated
$ Investment Grade – 4 to 5 Yrs
In an environment fraught with uncertainty, the BBBs spectrum
What’s up with Telecom Italia?
Telecom Italia needs to restructure to cope with a
Monthly review – July 2022
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Strategy H2 2022
As hopes of a return to normalcy were raised
EDF Renationalisation in sight
The clock is ticking for EDF and the French
Monthly review – June 2022
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$ Investment grade – 3/5year
For buy and hold investors in search of decent
Short-dated € High-Yield basket
In a volatile and uncertain environment, euro denominated good
Lenovo $ 5.875% 04/25
LENOVO’s improving financial profile and more supportive Chinese government
Virgin Money UK – New £ AT1
A high trigger Additional Tier 1 in the UK
EU Corp. Hybrids NC 23
Short-dated calls on the European Corporate Hybrid Universe are
Monthly review – May 2022
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Where to put money?
In an uncertain environment, giving up is not a
Suzano $ 6% 29s
Suzano - a quality investment grade issuer in Brazil
BRASKEM $ 4.5% 2028
Relative Value Idea on the Brazilian petrochemical issuer Braskem:
Monthly review – April 2022
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French care home ORPEA
In an expanding French care home market, the publication
Pernod Ricard and ESG
While the greening of the economy is irreversible, Pernod
A TV production leader
Banijay - A defensive play in the deep high
Monthly review – March 2022
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Positive yields in Euro
For the first time in years, current environment is
Russia – What about a default?
As the conflict in the East continues, Russia is
Monthly review – February 2022
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Russia – Learning from BP
What can we learn and extrapolate from the recent
SIGMA – a defensive play
In a market full of volatility and geopolitical uncertainty,
SASOL – favourable backdrop
The South African petrochemical giant Sasol has significantly improved
Saipem – Update
Headwinds for the Italian Saipem SpA: may bondholders be
Brazil – Investment Opportunities
Solid micro in a difficult brazilian macro environment. Don’t
Monthly review – January 2022
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EU banks – Tier 2 rising stars
New potential upgrade in the EU banking universe could
EU banks – AT1 opportunities?
Positive fundamental and technical backdrops for European banks offer
EDF – “Electricity in the air”
EDF: are recent French government measures a game changer
Strategy H1 2022
While inflation in 2022 will probably still remain above
Monthly review – December 2021
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€ Xover- Hybrid Corp. > 1%
With supportive macro and technical backdrops, euro denominated short-dated
Monthly review – November 2021
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A story of RPC – Update
Following the announcement by BNPP of the redemption for
EU Energy – An ESG premium
Questions arise about the role Oil & Gas companies
StoneCo – Update
On November 17th, the leading provider of financial technology
USD Credit– Carry is king
A less supportive macro mix has fueled some additional
Verallia – an ESG rising star
The French leading global producer of glass containers for
Monthly review – October 2021
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LIBOR transition- update
As already explained in our “Libor Transition” publication last
Chinese developers – update
On 28 August, we published a note on the
Credit Review – Issuers at risk
Discover our credit review. Don’t miss our latest publication!
Monthly review – September 2021
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OCADO – New issue
During the pandemic, the popularity of online groceries has
The Very Group
During the pandemic, with consumers shopping online to the
OXY – a rising star?
High Yield rated Energy companies took advantage of the
China Huarong AMC – Update
We first issued a note mid-April when mounting concerns
A German supplier – Mahle
Government policies provide a strong incentive to develop electric
A Brazilian FinTech – StoneCo
Founded in 2012 to tackle the Brazilian card payments
Nemak: a global OEMs supplier
While the auto industry is migrating towards aluminium instead
Monthly review – August 2021
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China Property Sector
Idiosyncratic events, negative rating actions on Chinese property companies
OMAN – A rating catalyst
Oil market recovery and budget reforms front-loaded in 2020
Monthly review – July 2021
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A summer € HY Play: Sani/Ikos
With mass vaccinations and the lifting of travel restrictions,
Rabobank Member Certificates
In the European Union, Rabobank has a unique instrument
Strategy H2 2021
The Covid19 pandemic left its mark during the first
Reinvestment Ideas (EUR & GBP)
On a regular basis, we recommend taking profits on
Monthly review – June 2021
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China O&G: a defensive play
While the Chinese government is advocating for the increased
Canary Wharf Group
While the pandemic has forced us to change our
EM banks – BANORTE
The Mexican banking system is solid and enjoys high
EM banks – top picks in Brazil
Brazilian growth is recovering, their currency is improving and
Iceland Foods
While pressures from discounters have accelerated during the past
Monthly review – May 2021
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The Cheniere complex
Liquefied natural gas has an important role to play
Who cares? They do!
According to the European Construction Industry Federation, the construction
$ ENN Clean Energy 3.375% 26
The Chinese government continues to prioritize the development of
New DB AT1 – € 4.625% call 27
The German Deutsche Bank (A3/BBB+/BBB+) came to the market
Smith & Nephew Plc
Smith & Nephew PLC (Baa2 Stable/BBB- Stable) is a
Time to Take some Profits
On a regular basis, we recommend taking profits on
Monthly review – April 2021
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Steris Plc – A deleveraging Story
Steris PLC (Baa2 Stable/BBB- Stable) is a uniquely positioned
Sustainability Linked bonds & EM
The past five years have seen a significant increase
ZF Friedrichshafen
The automotive sector and major auto parts manufacturers are
China Huarong AM
Mounting concerns about the financial health of one of
€ Saipem 3.125% 28
Saipem SpA is a leading Italian company in engineering,
easyJet: ready to take-off
Re-opening prospects have driven strong demand for airline companies
A review of our GBP calls
During the past few months, we wrote a few
Dignity Plc
Despite the pandemic causing a significant rise in the
M&G Plc: best picks
The UK’s leading savings and investment company M&G Plc
Pemex – An attractive Carry
The Mexican government has recently reaffirmed its willingness to