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US Industrials: Macro Data Points

Sector Analysis: 12 Jun 2018, 1:59 AM ET - In this report, we tied the positive tone from Industrial management teams to select economic data points.
Focused

Belden 1Q18: Cash Burn But Still Hold

Worth Watching: 03 May 2018, 9:18 PM ET - Belden 1Q18 Belden kicked off the new year with higher revenues YoY and wider adj. margins in 1Q18. However, the main story was the cash burn stemming from working capital outflows and higher capex, which along with an acquisition and sharehold ..

Schneider Electric: Finally Gets Around to L&T

IG Note: 02 May 2018, 12:11 PM ET - Schneider Electric announced that it has reached an agreement to acquire the Electrical and Automation business from Larsen & Toubro (L&T), with limited impact on credit metrics. Bearing this in mind, we move to a M/P on SUFP's bonds.

Parker: 3Q18 | Shifting to Market perform

Earnings Note: 26 Apr 2018, 9:13 PM ET - PH’s earnings were strong, but with the equity now under pressure and debt reduction plans nearing completion we anticipate a capital allocation change soon. We take our Outperform on the credit to a Market perform.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.
Focused

Belden: New 10NC5 € Bond and Tender Offers

HY Note: 06 Mar 2018, 10:02 AM ET - Belden is issuing a 10Y(NC5) euro-denominated bond and tendering for two existing bonds. The terms of the tenders appear attractive and we would be buyers of the bonds at IPT of 3.875% +/- 0.125%.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
Focused

Belden 4Q17: Good Underlying Quarter

Earnings Note: 04 Feb 2018, 9:47 PM ET - Belden reported revenues and margins down YoY in 4Q17, but adjusting for a one-off situation at the Broadcast Solutions segment, both would have been up. We see continue to see investors being adequately compensated in holding BDC paper.

CNHI 4Q17: Supportive Positive Trends

Earnings Note: 31 Jan 2018, 9:11 AM ET - CNHI reported results highlighting positive trends in end-market demand which contributed to better operating performance. Credit metrics continue to strengthen at the Capital Goods bellwether and we maintain our O/P on CNHI bonds.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.

2017 Euro Conference: IG Autos & Cap Goods

Transcript: 19 Dec 2017, 11:25 PM ET - In this presentation we discuss four trends in the Auto and Capital Goods sectors – Automation, Electrification, Autonomous driving and Renewable Energy – and the steps being taken to adapt corporate strategies and evolve with the times.

CNH Industrial: Issuing New 10Y US$ Bonds

Worth Watching: 09 Nov 2017, 1:23 PM ET - CNH Industrial is issuing new 10-year US dollar bonds out of the CNH Industrial N.V. (parent) entity. CNH Industrial has one other US$ bond outstanding at the parent level, the 4.5% 8/2023 bond (Ba2/BBB -/BBB-), which trades at a spread of G+12 ..
Focused

Belden 3Q17: Mixed Results, Maintain Hold Rec

Earnings Note: 01 Nov 2017, 8:38 PM ET - Belden results were mixed in 3Q17, with revenues down on an organic basis and adjusted EBITDA margins higher. BDC's stance on M&A remains unchanged since 2Q17 but we believe that investors are being compensated in holding the bonds.

Caterpillar: 3Q17 | Knocks the Cover off the Ball

Earnings Note: 24 Oct 2017, 8:11 PM ET - Caterpillar’s earning trajectory has been on a favorable trend line in 2017 and the trend continued into the third quarter with a set of strong results. The quarter did not change our view of the credit and we remain at a Market perform.
Focused

Belden: New € Bond, Tender Offer

Worth Watching: 11 Sep 2017, 9:36 AM ET - Belden (BDC) is issuing €300 mn 144a/Reg-S eight-year non-call three senior subordinated notes. The bonds have been rated Ba3/BB- (same rating as existing senior subordinated notes) compared with BDC's Ba2/BB corporate ratings. Deutsche Bank, ..

August 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 Sep 2017, 8:11 AM ET - Our monthly report provides executive summaries for the fifteen companies recommendation changes made on European companies during the month of August.

Multi-Industrials: 2Q Review, Event Risk & More

Sector Analysis: 21 Aug 2017, 10:17 PM ET - In this report we broadly review earnings trends for nearly two dozen industrial credits, discuss companies with elevated event risk and also highlight new issuance candidates.

Rental Cases: URI M&A Stays Hot, H&E Misses

Sector Analysis: 17 Aug 2017, 12:01 PM ET - Rentals activity stays hot as favorable secular trends, consolidation of a fragmented industry, and a waiting game for tax reform and infrastructure details remains the order of the day. URI stays true to its history of M&A focus.
Focused

Belden 2Q17: M&A priced in, Hold € and $ Bonds

Earnings Note: 06 Aug 2017, 6:02 PM ET - Belden posted a mixed set of 2Q17 results, with revenues down on an organic basis and adjusted EBITDA margins higher. We move to a Hold recommendation on Belden's dollar- and euro-denominated debt given management clarity on M&A.

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