聚焦基本面和报告日历：欧洲信贷-附录

Restricted - External Soren Willemann+44 (0) 20 7773 9983soren.willemann@barclays.comBarclays, UK Reminder: Expert Access: Barclays Premier Event - Nuclear Renaissance in Europe - theSpanish exampleJoin us for a fireside chat with our guest panellists from S&P Global Ratings and IAM Carbonzerofor an interactive cross-asset seminar to discuss the Nuclear Renaissance in Europe, notably thelatest developments in Spain. This event is open to both Credit and Equity investors.Invite: Conference call: European Utilities - BlackoutsFears over network security have come to the foreafterone of Europe's worst-ever poweroutages in Spain and Portugal. Join our research analysts on Tuesday, 20 May at 1pm (UK) todiscuss grid resilience and this stark reminder of the energy "trilemma".ChemicalsEUR IG Chemicals: Positioning post-Q1 25In a volatile environment amid UStariffannouncements, Chemicals companies published Q1 25earnings. Most confirmed FY 25 guidance, while remaining very cautious as they are sensitive toindirect UStariffeffectson global demand. We recap earnings and revisit ratings.BanksEuropean banks: Navigating the volatilityEuropean banks are facing lower rates and growth headwinds from a position of strength. Weupgrade ISPIM and SOCGEN to Overweight, and downgrade ABNANV and DANBNK toUnderweight. We move SHBASS, HSBC and BNP to Market Weight.Note: For full disclosures on each covered company, please refer tohttp://publicresearch.barcap.com2 Reporting calendarFIGURE 1. Next weekDateCompanyMon, 19th MayDiageoRyanairUPCTue, 20th MayMLP GroupVodafoneWed, 21st MayCA ImmobilienBanco Comercial PortuguesQ1 25SSE PlcSevern Trent WaterThu, 22nd MayBritish LandBTEasyJetEirIliadGeneraliFri, 23rd MayNote: Items in bold we consider to be more important to markets.Source: Bloomberg, company reports, Barclays ResearchFIGURE 2. The weekafterDateCompanyMon, 26th MayTue, 27th MayWed, 28th MayAroundtown SACPI Europe/ IMMOFINANZThu, 29th MayGTC AuroraNationwideFri, 30th MayCPI Property GroupNote: Items in bold we consider to be more important to markets.Source: Bloomberg, company reports, Barclays Research16 May 2025 ContactsEuropean CreditEuropean Credit StrategySøren WillemannHead of European Credit Strategy+44 (0)20 7773 9983soren.willemann@barclays.comBarclays, UKSrijan KarnHigh Yield+91 (0) 22 6175 3592srijan.karn@barclays.comBarclays, UKCharlotte EdwardsSustainable Investing+44 (0)20 3134 0392charlotte.edwards@barclays.comBarclays, UKEuropean Fundamental CreditDaniel RekrutHead of Global Fundamental Credit Research+44 (0)20 7773 5980daniel.rekrut@barclays.comBarclays, UKHigh Grade/High Yield Autos; High Grade/High Yield TransportationChristophe Boulanger+44 (0)20 3555 1984christophe.boulanger@barclays.comBarclays, UKHigh Grade BanksSoumya Sarkar+44 (0) 20 7773 0315soumya.sarkar@barclays.comBarclays, UKHigh Grade/High Yield Consumer & RetailKarine Elias+971 43 621017karine.elias@barclays.comBarclays Bank, DIFCHigh Grade/High Yield TMTDaniel Rekrut+44 (0)20 7773 5980daniel.rekrut@barclays.comBarclays, UKEuropean Securitised CreditPranava Boyidapu+44 (0) 20 7773 3163pranava.boyidapu@barclays.comBarclays, UKHigh Yield Capital Goods; Chemicals; Other IndustrialsJames Cawthorpe+ 44 (0) 20 8773 5888james.cawthorpe@barclays.comBarclays, UK16 May 2025 Franck BatailleHybrid Capital Strategy+33 (0) 14458 3221franck.bataille@barclays.comBBI, ParisCristina CostaCovered Bonds & SSAs+33 (0) 1 44583195cristina.costa@barclays.comBBI, ParisShreyans Badoni+ 91 (0) 22 6175 4027shreyans.badoni@barclays.comBarclays, UKHigh Grade Food & BeverageClaire Dumont Poncet+33 (0) 14458 4090claire.dumontponcet@barclays.comBBI, ParisHigh Grade Energy; UtilitiesFranck Bataille+33 (0) 14458 3221franck.bataille@barclays.comBBI, Paris Omar Omar+44 (0) 20 7773 1947omar.omar@barclays.comBarclays, UKDavid Alam+ 44 (0) 20 7773 6579david.alam@barclays.comBarclays, UKBen Haseler+44 (0) 20 3555 0089benjamin.haseler@barclays.comBarclays, UKVictoria Ade+ 33 (0) 14458 8939victoria.ade@barclays.comBBI, ParisNeeraj Kumar+ 44 (0) 20 7773 4723neeraj.kumar@barclays.comBarclays, UKRidita Noboni+44 (0) 20 7773 6122ridita.noboni@barclays.comBarclays, UK Parikshit Rajendra Budhe+ 91 (0) 22 6175 1815parikshit.budhe@barclays.comBarclays, UK Analyst(s) Certification(s):I, Soren Willemann, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays").All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the repor