NEWS
THE LATEST FROM OUR EXPERTS
Occidental Petroleum Corp.
In this investment case, we focus our attention on
UK Autumn Budget 2024 – Flash
In this flash report, we take a closer look
What’s going on with Boeing? – Flash
Following requests from some clients, this flash report provides
US Elections – Flash
This flash report focuses on the upcoming US elections
Republic of Kenya – Flash
This report has been prepared in response to client
Fixed Income Markets Update – Flash
This report delves into the key developments in fixed
JBS S.A.
In this investment case, we focus our attention on
Argentina Update – Flash
In this report, we follow-up to our previous analyses
Brazil – Moody’s Upgrade – Flash
In this flash report, we focus our attention on
Simon Property Group
In this investment case, we focus our attention on
Monthly review – September 2024
Discover our monthly review for September 2024. Don’t miss
PepsiCo
In this investment case, we focus our attention on
Thames Water – Kemble – Flash
Since we last wrote about Thames Water in our
PEMEX – UW – Flash
In this Flash report, we take a closer look
Australian Banks APRA’s AT1 Phase-Out Proposal – Flash
In this Flash report, we focus our attention on
Coca-Cola Europacific Partners
In this investment case, we focus our attention on
EU Auto Sector – UW – Flash
In this Flash report, we focus our attention on
Monthly review – August 2024
Discover our monthly review for August 2024. Don’t miss
Vale SA
In this investment case, we focus our attention on
Dar Al Arkan
In this investment case, we focus our attention on
US Elections – Flash
In this Flash report, we focus our attention on
India’s NBFCs
In this investment case, we focalize our attention on
Emirates REIT – Flash
Following some clients’ requests, in this flash report we
Bayer – Finally a Big Win – Flash
Following our recent publications on Bayer, in this flash
Rolls-Royce – Follow Up
In this report, we update our view on Rolls
McDonald’s Corporation
In this investment case, we focus our attention on
GLENCORE – Follow Up – 1H24
In this report, we update our view on Glencore,
Outlook 2H24 Update
Following the recent market’s turmoil and some clients’ requests,
Monthly review – July 2024
Discover our monthly review for July 2024. Don’t miss
Venezuela Update – Flash
In this report, we look at the latest developments
Sasol Limited
In this investment case, we focalize our attention on
Marriott International Inc
In this investment case, we focalize our attention on
Thames Water – Kemble – Flash
In this flash report, we give you an update
Monthly review – June 2024
Discover our monthly review for June 2024. Don’t miss
Strategy H2 2024
The summer season is fast approaching and we are
Cemex SAB de CV
In this investment case, we focalize our attention on
Kinross Gold Corporation
In this investment case, we focus our attention on
Tencent Holdings Limited
In this investment case, we focus our attention on
Alibaba Group Holding
In this investment case, we focus our attention on
The Kraft Heinz Company
In this investment case, we focus our attention on
Monthly review – May 2024
Discover our monthly review for May 2024. Don’t miss
Rolls-Royce Holdings plc
In this investment case we turn our attention to
United Kingdom – Flash
In this report, we look at the latest macroeconomic
Embraer SA
In this investment case we take a closer look
Venezuela Update- Flash
In this report, we look at the latest developments
Goodbye T+2, Welcome T+1- Flash
In November 2023, we wrote about the forthcoming changes
PEMEX – Flash
In this Flash report, we take a closer look
AerCap Holdings NV
In this investment case we take a closer look
Arabian Centres (Cenomi) – Flash
Following some requests from our clients, in this flash
British American Tobacco Plc
In today’s investment case, we turn our attention to
Monthly review – April 2024
Discover our monthly review for April 2024. Don’t miss
Philip Morris International Inc.
In this investment case we take a closer look
Thames Water – Kemble – Flash
In this flash report, we turn our attention to
Telecom Italia – Exchange Offer- Flash
On April 18, 2024, Telecom Italia started its €5bn
Macquarie Group Ltd.
In this investment case we take a closer look
UBS & the Federal Council- Flash
In this flash report we take a closer look
CRE & US Banks- Flash
In this flash report, we take a closer look
US Inflation and Risks for Asset Classes- Flash
In this flash report, we take a look at
US Labor Market Post-Covid- Flash
In this flash report, we take a closer look
Telefonica
In this Investment Case we turn our attention on
Monthly review – March 2024
Discover our monthly review for March 2024. Don’t miss
Deutsche Telekom
Following our recent reports on T-Mobile and Qualcomm, in
Qualcomm
Many of our clients asked our opinion on the
T-Mobile
Many of our clients asked our opinion on the
Pharma – Biopharma Sector
Many of our clients asked our opinion on the
Bayer AG – Texas Two-Step?- Flash
According to a recent Bloomberg article, it seems that
Egypt – Bailout – Flash
In this flash report, following the recent improved news
Bayer AG – FY23 Results – Flash
Following our flash report on Bayer AG published the
US Elections – Flash
In this Flash report, we focus our attention on
Monthly review – February 2024
Discover our monthly review for February 2024. Don’t miss
Petrobras & Ecopetrol – Flash
In this Flash report, following our previously published report
Pemex – Flash
In this Flash report, following some clients’ requests, we
GLENCORE – Follow Up – FY23
In this report, we update our view on Glencore,
US Debt Sustainability – Flash
In this Flash Report, we take a closer look
US Auto Sector Picks
In this report, we share with you a more
Bayer AG – “Bad Years”… Sell! – Flash
In this flash report, following some clients’ requests, we
EU Auto Sector Picks
In this report, we share with you a more
Monthly review – January 2024
Discover our monthly review for January 2024. Don’t miss
Venezuela – Update
Following our Flash report on Venezuela-PDVSA, published the 18th
Global Auto Sector
Following multiple requests from our clients, in this report
CoCo Bonds – Update
On November 20, 2023 we published an investment case
GLENCORE plc
We are pleased to share with you our investment
Argentina – Update
Following our report on Argentina published the last 13th
Islamic Finance and Sukuk bonds – Flash
Following some requests from our clients, in this flash
Monthly review – December 2023
Discover our monthly review for December 2023. Don’t miss
Strategy H1 2024
We are pleased to share with you our Strategy
Argentina – Flash
On Sunday 10th of December, Javier Milei was sworn
EU Corporate Hybrids
In this Investment Case (IC), we look at the
Monthly review – November 2023
Discover our monthly review for November 2023. Don’t miss
Short-Term Crossover Credits
Short-term crossover credits are in our view offering compelling
US T+1 settlement is coming
In May next year, US and Canada will adopt
CoCo Bonds – Back in Vogue?
Subordinated bank debt suffered enormously in the last two
Venezuela – PDVSA – Flash
The 18th of October, the US Treasury Department announced
Telecom Italia Update
The 5th of October, Telecom Italia (TI) announced the
Monthly review – October 2023
Discover our monthly review for October 2023. Don’t miss
Monthly review – September 2023
Discover our monthly review for September 2023. Don’t miss
Monthly review – August 2023
Discover our monthly review for August 2023. Don’t miss
Monthly review – July 2023
Discover our monthly review for July 2023. Don’t miss
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
Discover our monthly review for June 2023. Don’t miss
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
Discover our monthly review for May 2023. Don’t miss
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
Discover our monthly review for April 2023. Don’t miss
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
Discover our monthly review for March 2023. Don’t miss
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
Discover our monthly review for February 2023. Don’t miss
€ 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
Discover our monthly review for January 2023. Don’t miss
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
Discover our monthly review for December 2022. Don’t miss
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
Discover our monthly review for November 2022. Don’t miss
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
Discover our monthly review for October 2022. Don’t miss
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
Discover our monthly review for September 2022. Don’t miss
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
Discover our monthly review for August 2022. Don’t miss
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
Discover our monthly review for July 2022. Don’t miss
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
Discover our monthly review for June 2022. Don’t miss
$ 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
Discover our monthly review for May 2022. Don’t miss
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
Discover our monthly review for April 2022. Don’t miss
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
Discover our monthly review for March 2022. Don’t miss
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
Discover our monthly review for February 2022. Don’t miss
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
Discover our monthly review for January 2022. Don’t miss
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
Discover our monthly review for December 2021. Don’t miss
€ Xover- Hybrid Corp. > 1%
With supportive macro and technical backdrops, euro denominated short-dated
Monthly review – November 2021
Discover our monthly review for November 2021. Don’t miss
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
Discover our monthly review for October 2021. Don’t miss
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
Discover our monthly review for September 2021. Don’t miss
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
Discover our monthly review for August 2021. Don’t miss
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
Discover our monthly review for July 2021. Don’t miss
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
Discover our monthly review for June 2021. Don’t miss
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
Discover our monthly review for May 2021. Don’t miss
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
Discover our monthly review for April 2021. Don’t miss
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