Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen
EUR 90.79 For Business Accounts Only

Coffee, Croissants & Credit/LeasePlan, Telecom Italia, EDP, Engie and BP

LeasePlan (LPTY) reported stable earnings YoY for 1Q19 as the higher operating costs offset the improving gross profit. LeasePlan had a solid 17.9% CET1 ratio leaving a 540bp buffer to its CET1 requirement. LeasePlan may diversify its capital base by issuing an AT1, a credit positive. We consider the green LPTY an interesting green alternative vs periphery green bonds. That said, the performance potential for LPTY vs NIBCAP in preferred senior looks limited at current trading levels. Please download the full report LeasePlan: Green LPTY with value vs green periphery bonds published last night on our research website.


Engie is an industrial group, based in France, active in the fields of gas, electricity, energy services and the environment. Co. is an energy provider across the entire energy chain, in electricity and in natural gas, including: purchase, production and commercialization of natural gas and electricity; transport, distribution, management and development of major natural gas infrastructures; design and commercialization of energy services and environment-related services. Co.'s activities are conducted through five segments: Energy Europe, Energy International, Global Gas and LNG, Infrastructures, and Energy Services.

Telecom Italia S.p.A. CEDEAR


In FICC (Fixed Income, commodities and Currencies) Research, we offer niche EM expertise, especially in EMEA. We are the go-to bank for Benelux issues, from regulations to rates to a Benelux credit focus. We have developed top notch covered bonds research, and have niche offerings in money markets, rate derivatives and European high yield. We overlay this with a global offering in macro, FX, commodities research and technical analysis. Europe is a key focus for us, but our global sphere extends to the Americas and Asia, in areas where we have selected DM & EM edges. Our analysts provide both written output and conference calls, but also travel the world to provide face-to-face presentations.

ING’s Equity Research team provides in-depth research on over 120 companies in the BeNeLux region, offering both breadth and depth of stock coverage. In addition to investment recommendations, our analysts offer thematic research, proprietary data points. insights into industry trends and unique valuation perspectives. ING’s Equity Research team was ranked the #1 Country Research team in the BeNeLux region in 2017 by the Extel Survey. Next to this, ING is the only bank to have been involved in all the BeNeLux IPOs in 2017. ING has the largest equities team focussed on Benelux listed securities and is the only Benelux broker with sales and research operations in both Amsterdam and Brussels and a sales hub in New York.

Hendrik Wiersma

Jeroen van den Broek

Job Veenendaal

Nadège Tillier

Suvi Platerink Kosonen

Other Reports on these Companies
Other Reports from ING
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch