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Boeing: $700 mn 10Y and 30Y Issuance

IG Note: 29 Oct 2018, 9:50 AM ET - BA is in the market this morning with new $700 mn WNG ("no-grow") 10-year and 30-year bonds. IPT is attractive, but we expect tightening into final pricing and would remain buyers at +5 bp over the secondary. We maintain U/P on BA bonds.
Focused

Boeing 3Q18: Playing Offense with Defense

Earnings Note: 25 Oct 2018, 4:22 AM ET - In addition to the strong budget support for its key program, BA’s recent wins on some large high-profile contracts (T-X trainer, MQ-25 and MH139) lay a strong foundation for the future at the BDS segment. We maintain our U/P on BA bonds.
Focused

Embraer: Boeing Beleza

Company Analysis: 12 Jul 2018, 5:35 AM ET - We look at the implications for bondholders following the announcement of JV partnership between BA and ERJ’s commercial aerospace unit. We view the transaction as a net positive but await more clarity on its new capital structure moves.

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

BA: $1.4 bn Four-Tranche Issuance

IG Note: 21 Feb 2018, 10:40 AM ET - Boeing is in the market with a new $1.4 bn deal across four tranches. We view the 10Y and 30Y tranches as most compelling on the value front, but remain at an underperform based on valuation and a growing M&A appetite.
Focused

Boeing: M&A Appetite Grows

Worth Watching: 08 Feb 2018, 8:59 PM ET - Boeing (A2/A) is reportedly in talks to buy aerospace parts manufacturer, Woodward Inc., which comes on the heels of its ongoing negotiations to take a stake in Embraer. The string of recent deals is an indication of Boeing's growing appetite f ..
Focused

Embraer: Boeing Mulls a Combination with ERJ

Worth Watching: 22 Dec 2017, 8:45 AM ET - Embraer  (Ba1/BBB/BBB-) and Boeing (A2/A/A) confirmed reports - first made by the Wall Street Journal - about a potential combination, but are awaiting clarity from the Brazilian government's position regarding any potential deal. Any transacti ..
Focused

A&D 3Q17 Earnings Recap: LMT, GD, BA, NOC, RTN, LLL

Sector Analysis: 30 Oct 2017, 11:36 PM ET - Six names under our A&D coverage reported third quarter earnings last week. Results were generally healthy with four of them reporting better than expected earnings and all six raised or affirmed full-year 2017 earnings guidance. 
Focused

Airplanes: Framing the Kobe Aluminum Issue

HY Note: 16 Oct 2017, 12:48 PM ET - Kobe risk falls on OEM warranties.

HY Note: Bombardier Dealt Twin Blows

HY Note: 27 Sep 2017, 8:49 PM ET - BBD’s USD and EUR bonds tumbled on the back of Tuesday’s (9-26-17) merger and anti-subsidy duties news. We expect volatility in spreads to continue but would recommend investors not sell into the weakness.

US IG Strategy: Picks and Pans (August 2017)

Strategy Analysis: 15 Aug 2017, 4:28 PM ET - We update our US IG Picks and Pans. In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). We also explain why names have been added or removed from the list. 

UTX: Trying to Get a Lift from Rockwell Collins?

IG Note: 08 Aug 2017, 5:47 PM ET - According to the newswires, United Technologies has been in talks to acquire Rockwell Collins. We weigh in with our preliminary thoughts. 
Focused

2017 Paris Air Show: Momentum Swings Boeing’s Way

IG Note: 27 Jun 2017, 4:44 AM ET - Boeing wins versus Airbus in order announcements at the 2017 Paris Air Show. Narrowbody aircraft continue to dominate the headlines, with both 737 MAX and the A320neo family having a productive week.

US IG Strategy: Picks and Pans (May 2017)

Strategy Analysis: 16 May 2017, 4:22 AM ET - We update our US IG Picks and Pans. In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). We also explain why names have been added or removed from the list. 

US IG Sector Recs: A Very "In Line" April

Sector Weightings: 09 May 2017, 5:22 AM ET - After a weak March the IG index returned to positive territory, but most sectors reported excess return within +/- 5bp of the overall index. We discuss performance and update our sector recommendations. 

US IG Sector Slide Pack: April 2017

Sector Weightings: 08 May 2017, 11:18 PM ET - Our US IG Sector Slide Pack: April 2017 includes spread, return and attribution data for many of the Level 3 and Level 4 sectors of the BAML Index.  We look at both monthly and year-to-date performance. 

Boeing & Airbus 1Q17: Backlogs Provide a Buffer

Earnings Note: 01 May 2017, 11:25 AM ET - BA and AIR are sitting on record backlogs that assuage any fears of a steep downward trend in the aerospace cycle. However, wide-body demand will attract more scrutiny going forward putting the spotlight on some production rate hikes at BA.

Sector Update March 2017 - US Industrials

Sector Weightings: 10 Apr 2017, 8:20 PM ET - The Industrials sector largely matched the widening seen in the IG Corp ate index, though significantly underperformed on an excess return basis. We continue to hold a largely negative view on the sector entering 2Q17.

US IG Strategy: Picks and Pans

Strategy Analysis: 23 Mar 2017, 5:11 AM ET - We launch our newest product – US IG Strategy: Picks and Pans. In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans).

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