CreditSights

Vinci and Bouygues #H##: Vive La France, Vive La Difference Vinci today held its #H## Earnings call following Bouygues' announcement late last week, and both presented similar stories of outperforming Street consensus expectations,...

Spotlight on the CRH / Cemex Deal: We Shift our Fundamental View to Negative We comment on the announcement today that CRH and Cemex are engaged in discussion for the Irish Materials group to purchase a parcel of assets from Cemex for...

CPDOs: Bail In to Avoid Cash Out - Elm Restructuring The holders of €###.# million worth of CPDOs referencing a basket of ## financial entities have been forced to inject the same capital again into the CPDOs as low interest loans...

CPDO Saved from Downgrade by Buyback: Will Elm's Disease Spread? (Updated) With the threat of the first CPDO downgrade on the cards, the issuing bank has bought the note back and the rating been withdrawn. Depending on what the issuing...

Distressed CPDOs: We're Doomed! There are at least five names that will need to be removed from the CDX and iTraxx investment grade indices under their high-grade-names-only rules and a further three possible removals. The removal of...

US Housing and European Building Materials - The Straw That Breaks The Camel's Back? We review the impact of the current US Housing Crisis on the credit quality of the European Building Materials sector How are the US Housing Decline...

Rig Count: International Rig Activity Trends Higher in March Monthly data surrounding International rig activity was released earlier this week, showing internationally there were #,### active drilling rigs at the end of March. The...

CreditSights: Top Articles Read (April ##) CIT: Second Take - Ticking Takeover or Time Bomb? Monoline Bank Line Review: Don't Count on Getting Paid The Loan Markets Looming Comeback: The Potential "New Par" And What Rises First...

GE Capital: #Q## Misses - Credit Crunch Conks Off-Guard Bellwether GE posted an uncharacteristic outsized miss, largely driven by weakness in the GE Capital financial services franchise We continue to view GE Capital as a AA-credit...

CreditSights: Weekend Reader (April ##) Our Weekend Reader is a compilation of all CreditSights articles published from April # - April ##. The Weekend Reader is divided into Strategy, BondScore, Corporate Developments, Spreadsheets,...

Housing Weekly Monitor: The Axis of Uncertainty-Employment and Government Aid The current housing downturn will most likely be resolved through the basic mechanism of supply/demand.  A reduction in home prices is necessary to restore...

Euro Markets Weekend Reader (April ##) Our Euro Markets Weekend Reader is a compilation of all CreditSights articles published to the Euro Markets page from ## April - ## April. The Weekend Reader is divided into European Finance, European...

April Coal Market Update: Contracts Are Key To Upside The global coal market remains extremely tight and prices for eastern coal, and to a lesser extent, western coal, are up ##-##% versus last year For those with met-coal exposure,...

March Retail Sales: Slip-Sliding Away While the typical monthly sales report has mix of under-and-overachievers versus expectations, March numbers were universally below expectations, with mid-tier retailer taking the biggest hit. ...

NXP - STM: Reshaping the Portfolios and Cellular Semi Dynamics NXP and ST Microelectronics reached an agreement to create a joint venture that will combine their respective cellular businesses. ST and NXP will maintain ##% and ##% stake...

Basic Industry Short Interest: #H March #### For the two-week period ended March ##th, short interest in the basic industry universe declined #% to ###.# million shares.  Our analysis showed that short interest for the North American...

VMED Reports Low #Q## Churn Rate, Markets Convert The proceeds from the $# bilion convert will be used to pay down part of the Senior Facilities, pushing back VMED's earliest maturities to ####. The issue will be interesting to track...

British Energy: Nuclear Ego-Trip British Energy shares were up by #.#% on ## April after RWE was reported to have made an indicative offer of £## billion for the company some weeks ago. But we just do not believe a sole bid on BE makes...

Natural Gas: Prices Climb as Storage Falls to Three-Year Low Natural gas prices climbed higher on Thursday, increasing $#.##/mcf to settle at $##.##/mcf, following an EIA report that showed storage levels declined to a three-year low...

BondScore Top Movers: April #### BondScore Top Movers report highlights companies with NRVs above and below significant cutoff levels for both investment grade and high yield credits We include European Top Movers We also include...

Frontier Airlines F#Q## Tearsheet FRNT is sandwiched at its Denver hub by the strong network of UAUA and the expanding low-price entry of LUV.UAUA seat growth in DIA is slowing, but the incursion of LUV's lower fares expanded markets....

Electrolux AB #Q## Tearsheet Electrolux's credit quality started to improve in #### after the spin-off of its Outdoor Products division. However, management direc