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Tony Lebon

Nyrstar : Thank you Belgian law

Nyrstar announced last Monday that it has entered into a lock-up agreement with representatives of its key financial creditor groups which sets out the terms for the recapitalisation of the group and restructuring of its debt. - The recapitalisation includes a sale by the company of the « Operating Group » at fair market value pre-restructuring to a newly incorporated English subsidiary of the company (“NewCo”) and one or more schemes of arrangement under the UK Companies Act 2006....

Dave Nicoski ...
  • Ross LaDuke

Insights: Bullish Stocks

Homebuilders decisively bottoming -- add exposure/overweight Homebuilders have been one of our favorite themes in the market and we officially assigned an overweight to the Group in our 2/12/19 Compass. Based on the charts we believe outperformance for homebuilders has plenty of room to run. Below we lay out what we believe is a compelling case to add exposure at current levels. • Substantial resistance for the 10-year Treasury yield. There is no doubt that falling yields have underpinned bottoming price and RS for homebuilders with more people willing to take on a mortgage at a lower rate. ...

Tony Lebon

Nyrstar : Thank you Belgian law

Nyrstar announced last Monday that it has entered into a lock-up agreement with representatives of its key financial creditor groups which sets out the terms for the recapitalisation of the group and restructuring of its debt. - The recapitalisation includes a sale by the company of the « Operating Group » at fair market value pre-restructuring to a newly incorporated English subsidiary of the company (“NewCo”) and one or more schemes of arrangement under the UK Companies Act 2006....

Brett Horn

Morningstar | Travelers Off to Good Start in 1Q

Travelers reported a good first quarter, seeming to break free of some of the headwinds it faced in 2018. The annualized return on equity of 13.5% in the quarter shows the company trending back to the levels we expect longer term. We will maintain our $145 fair value estimate and narrow moat rating. While the improvement was modest, we are pleased to see Travelers' commercial business getting back on track, as we view this area as the core of the company’s moat. The underlying combined ratio in the business insurance segment was 95.0%, compared with 95.5% last year, due to a lower expense rat...

Moody's upgrades Hilliard, OH's GO to Aaa, assigns stable outlook

Rating Action: Moody's upgrades Hilliard, OH's GO to Aaa, assigns stable outlook. Global Credit Research- 18 Apr 2019. New York, April 18, 2019-- Moody's Investors Service has upgraded the City of Hilliard, Ohio's issuer rating and general obligation limited tax rating to Aaa from Aa1.

FR Flow Control Luxco 1 S.a r.l.: New Rated Issuer

Small scale, uneven FCF generation and lack of a track record operating independently constrain the credit profile; low margins relative to peers but with near-term opportunities for growth.

Colin Plunkett

Morningstar | Synchrony's PayPal Partnership Helping Fill Void Left by Walmart

Kicking off 2019, Synchrony Financial reported no significant surprises. The company earned $1.56 per diluted share in its first quarter. Though this represents 88% growth, much of that was attributable to a $0.56 per share reserve release related to the pending loss of Walmart. Even excluding those nonrecurring gains, Synchrony would have realized impressive earnings growth, advancing 20% from the previous year. Over the past year, Synchrony has increased total receivables by 3%. Excluding Walmart, Synchrony’s portfolio would have seen growth of 17%. It’s apparent that Synchrony’s partnership...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Ceske drahy, a.s.: Update following rating affirmation

Our credit view of Ceske drahy, reflecting the improved operating performance in 2018 counterbalanced by the expected leverage increase to finance the upcoming capital spending cycle.

Tolu Alamutu CFA

Zenith Bank Q1 review: Goodbye ZENITH 2019s

Reiterate Buy: We are keeping our Buy recommendation on Zenith Bank bonds ahead of the redemption of the US$500mn 2019 security. As we have stated previously, Zenith Bank plans to repay this bond using existing resources and does not intend to replace it. Potential demand from bondholders looking to replace the redeemed security may help sustain current valuations of the Zenith Bank 2022 bond and other Nigerian/SSA bank issues. Looking at mid z-spreads, many sovereign bonds are further off the historic tights than bank bonds. However, we note that the UBA (UBANL) 7.75% 2022 bond, on which we h...

Nyrstar NV: Update following the non-payment of interest after grace period

The Ca-PD/LD PDR reflects the fact that the company did not pay the interest on its notes even after the 30 day grace period had elapsed on 15 April.

Ayodeji Dawodu ...
  • Olabisi Ayodeji
  • Rahul Shah CFA

Guaranty Trust Bank: Better-than-expected results; reiterate Buy

Q1 19 EPS rose 10% yoy to NGN1.74 and ROA improved by 0.5ppts to 5.7%, tracking ahead of our full-year forecasts of NGN6.12 and 5.0%. A positive surprise was the NGN6.1bn in ‘recoveries and others’ reported under ‘other income’, which more than accounted for the yoy increase in the bottom line. There was also a surprising 92% increase in credit-related fees yoy, despite weaker loan volumes. The unexpected 76% spike in AMCON charges came as a major negative surprise, which kept the cost/income ratio flat yoy at 38%. As expected, net interest income was slightly lower and trading income and FX g...

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