reports
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
Coffee, Croissants & Credit/Alphabet, Telefonica, Gecina, WP Carey
Alphabet goes with CHF and GBP – but Reverse Yankee supply is still set to rise / Telefonica has agreed to sell Telefonica Chile / Gecina FY25: solid results, notes momentum continues to build in Paris prime offices / WP Carey 4Q25: beats consensus and increases 2026 guidance
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jeroen van den Broek
- Timothy Rahill
Bite Size Strategy/It's all about Tech
• Spreads began to leak a touch wider towards the end of last week in EUR, by 1-3bp. Financials saw a touch more underperformance versus corporates, but all credit still trades at rather tight levels. The Tech and Media sectors also underperformed with 3-6bp widening, with concerns growing around software corporates. Inflows continue the trend of marginal positivity. Meanwhile, supply has slowed down given the results season. • Reverse Yankee supply is picking up notably with €8bn coming to the...
- Nadège Tillier
Vattenfall/Solid YE25 results and bonds to refinance
Vattenfall was amongst the first European utilities to report its year-end 2025 results. Globally, the Swedish utility reported a good set of financial numbers. Its credit metrics are very robust, and the issuer remains our preferred Nordic utility. Vattenfall has four EUR bonds outstanding with one being a hybrid and two maturing in 2026. This is the probably the opportunity to see Vattenfall coming back to the bond market in the coming months.
- Nadège Tillier
Fortum/2025 results suffer due to lower generation
Fortum, Vattenfall and Orsted have launched the full year results period for European utilities. Fortum reported lower 2025 results in comparison with the previous year. Despite relatively stable power prices, the Finnish utility suffered from lower nuclear and hydro availability while, on the other hand, delivering on its efficiency programme. Management provided investors with a 2026 outlook for capital expenditure but there was little on financial targets. The company's capex programme will r...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Benjamin Schroeder
- Coco Zhang
- Nadège Tillier
- Timothy Rahill
- Marine Leleux
- Timothy Rahill
Euro Credit Supply/Strong start to the year for corporates
Supply in January was strong, totalling €46bn for corporates. This is a record-breaking amount to kick-start the year, above the €35-40bn normally seen in previous years. Utilities, TMT and Autos were the driving sectors here with €12bn, €9bn and €8bn, respectively.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jeroen van den Broek
- Timothy Rahill
Bite Size Strategy/Big supply to kick-start the year
• Spreads are still trading at expensive levels, but there was a risk-off trade on Friday which led to spreads opening about 1bp wider this morning. Demand remains strong and spreads well bid for the time being, as even decent supply isn't adding any pressure. • Supply in January was strong, totalling €46bn for corporates. This is a record-breaking amount to kick-start the year, above the €35bn-€40bn normally seen in January in previous years. Utilities, TMT and Autos were the driving sectors h...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jeroen van den Broek
- Timothy Rahill
Bite Size Strategy/Tariffs are a risk once again
• Some marginal volatility during the week in markets, leading to a touch of widening early in the week followed by a reversal back to tightening. Credit spreads ended the week 2-3bp tighter and are now sitting at new lows. Meanwhile, supply began to slow as we enter the black-out period, with just €7bn in Corporates coming to the market last week and €10bn in Financials. • Tariffs, Greenland, EU-US relations, trade war – these are the most recent headlines in the geopolitics world that have ca...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.