European Morning Credit: Today in European Credit

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European Morning Credit: Today in European Credit

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European Morning Credit

Today in European Credit

Financials 08 July 2026

Grenke (GLJGR): S&P revised its outlook on Grenke to negative yesterday evening. The Credit

company is still rated BBB. Grenke is a relatively small leasing company whose Europe

distinguishing feature in our coverage is its micro focus, given its receivables are European Credit Rsch Grp

relatively small tickets. (RT) BofASE (France)

See Team Page for List of Analysts

UK Banks: Yesterday the BOE published its latest Financial Stability Report. We note in

particular the related comments with respect to modernising the bank capital framework

in the UK. Over time, the Bank expects to evolve to a single, releasable capital buffer (all

in CET1) that is releasable in stress and that can be used without automatic distribution

Exhibit 1: Just publishedrestrictions. (RT)

Recent publications from European Credit

Industrials Research

Electrolux (ELTLX): Initiate coverage of home appliance manufacturer Electrolux Electrolux

(ELTLX) with a bearish view. Buy 5Y CDS, UW €30s and MW €28s. We see weak Pressure Cooker

Alex McBride

appliance demand, cost inflation and restructuring outflows driving heavy FCF burn

through 2027. Rights issue buys some time but fallen angel risk is underappreciated. We European Chemicals

build two scenarios and ratings look weak in either. See: Pressure cooker (AM) The Chemicals Catalyst: June 2026

William Dennis

Energy

Repsol (REPSM): 2Q'26 trading statement - upstream production expected at Source: BofA Global Research

BofA GLOBAL RESEARCH

558kboe/d vs 538kboe/d in 1Q26, refining margin indicator in Spain is expected at

$14/bbl vs $10.9/bbl in 1Q'26. Full results out on 23rd Jul-26. (PV)

UK Water