Investment Grade – Retailing/Consumer Products(IG): First
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Investment Grade – Retailing/Consumer Products(IG): First


Jean-Yves Coupin

& team

BNP Paribas Securities

“Jean-Yves thinks like

an investor.”

Previously unranked BNP Paribas rockets to the top of the roster. London-based Jean-Yves Coupin, 43, manages the two-member crew, which publishes research on 32 companies. In June the analysts recommended selling Carrefour’s five-year credit default swaps, at 263 basis points, after new CEO Georges Plassat announced plans to shutter unprofitable international ventures in Greece, Turkey and elsewhere. The emphasis on cash generation, the team concluded, indicated the French retailer’s credit ratings had hit bottom. Sure enough, the CDSs tightened to 130 basis points, through mid-January, while the iTraxx nonfinancials index of European investment-grade corporate credits narrowed only from 150 basis points to 112 basis points. The first-teamers maintain an underweight on the sector owing to continued soft consumer spending trends in Europe. Coupin, who received a master’s in finance from France’s Ecole de Management de Lyon (now Emlyon Business School), joined BNP Paribas in 2000 from Crédit Lyonnais Asset Management (now called Amundi), where he worked as a buy-side credit analyst covering consumer, insurance, retailing, specialty finance and other sectors. — Ben Mattlin

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