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Bombardier: Free Cash Flow Stalls, Bonds Nose-dive

HY Note: 20 Nov 2018, 4:03 AM ET - Investor confidence in BBD’s turnaround plans diminished as the company faltered on execution and provided disappointing FCF guidance. The recent sell-off in the broader HY markets inflicted more pain on BBD bonds. We maintain our Hold rec.
Focused

Bombardier: Issuing Equity to Bolster Liquidity

Worth Watching: 06 Mar 2018, 9:19 AM ET - Bombardier (Caa1/B-): In a surprise move, Bombardier announced that it plans to raise C$638.4 mn (~$500 mn) through an equity offering as it looks take advantage of the recent gains in its stock price and shore up its liquidity. Bombardier anno ..

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

Bombardier 4Q17: 2018 the Year of Execution

Earnings Note: 18 Feb 2018, 11:41 PM ET - BBD wrapped up an eventful year on a high note by reporting stronger fourth-quarter results with free cash flow coming in ahead of expectations. Stronger FCF, alongside the recent bond deal also helped bolstered its liquidity position.
Focused

Bombardier: Prices Upsized $1.0 bn Bond Deal

Worth Watching: 20 Nov 2017, 10:31 PM ET - Bombardier (Caa1/B-/B) issued $1.0 bn of 7Y (NC3) notes that was upsized from $900 mn, pricing at par to yield 7.5%. The notes priced at the lower end of its Initial Price Talk range of 7.5% - 7.75%. As noted in our earlier report, we viewed th ..
Focused

Bombardier: New 7Y NC3 Notes to Fund 2019 Tender

HY Note: 20 Nov 2017, 1:44 PM ET - BBD is taking advantage of the favorable debt market environment to issue $900 mn of 7-year notes to fund a tender offer for its existing $600 mn of 4.75% due 2019. We maintain our Hold recommendation on BBD bonds.
Focused

Bombardier 3Q17: Cuts ’17 CSeries Delivery Target

Earnings Note: 03 Nov 2017, 10:31 AM ET - BBD’s 3Q17 revenue and margins expanded, but CSeries full year delivery target was trimmed to 20-22 units with the company now guiding to a cash burn of $1.0 bn and consolidated EBIT exceeding $630 mn for the full-year 2017.

October 2017 US Company Recommendation Changes

US Company Recommendation Changes: 31 Oct 2017, 11:11 PM ET - Our monthly report provides executive summaries for the twenty-one company recommendation changes made on US companies during the month of October.

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

Bombardier: Sr.Unsc Downgraded to Caa1 by Moody’s

Worth Watching: 25 Oct 2017, 9:55 AM ET - Bombardier (Caa1/B-/B): Moody's downgraded Bombardier's senior unsecured ratings by one-notch to Caa1, from B3. Its ratings outlook was also changed to negative from stable. Moody's also downgraded Bombardier's Corporate Family Rating (CFR) to ..
Focused

BBD: Airbus Provides CSeries (and BBD) a Lifeline

HY Note: 17 Oct 2017, 8:32 AM ET - AIR’s 50.01% stake in BBD’s struggling CSeries program offers a lifeline and alleviates downside risk related to the CSeries, and establishes a potential path around the steep US tariffs. We shift to a BUY recommendation BBD bonds.
Focused

Bombardier: Gets Hit with 80% Anti-Dumping Duty

Worth Watching: 08 Oct 2017, 9:54 PM ET - Bombardier (B3/B-/B) was hit with additional duties on Friday (10-06-17) with the U.S. Department of Commerce ruling in favor of Boeing and announcing a preliminary anti-dumping (AD) duty of 79.82% on the sale of CSeries in the US. The latest r ..

Alstom/Siemens: All Aboard The Consolidation Train

IG Note: 27 Sep 2017, 8:51 PM ET - In this report we further discuss additional details made available during the investor calls and update our views on the transaction.
Focused

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.
Focused

Alstom/Siemens: Rail Unit Merger, Bomb Misses Out

IG Note: 27 Sep 2017, 1:47 AM ET - Alstom and Siemens finalize the merger of their rail businesses. We move from and Underperform to a Market perform recommendation on Alstom bonds.
Focused

Bombardier 2Q17: Margins Improve, Guidance Raised

Earnings Note: 30 Jul 2017, 7:00 PM ET - BBD tightened its FY17 consolidated EBIT (adj.) guidance on better than expected performance at BT and BBA, and also raised its EBIT (adj.) margin guidance for these two business segments, but the lull in new CSeries orders continues.

NAFTA: Revisiting Mexico/Canada Trade Risk

Strategy Analysis: 21 Jul 2017, 4:40 AM ET - We revisit import/export line items to flag where the relative risks lie in the coming NAFTA renegotiation.  Canada and Mexico dominate the US export ranks with China a very distant third, so jobs and profits are on the line.
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.
Focused

Bombardier 1Q17: Recovery Process Underway

Earnings Note: 12 May 2017, 4:33 PM ET - BBD’s positive 1Q17 results included adj. EBIT margin expansion, slowing cash burn rate, and reaffirmed full-year guidance. CSeries ramp-up and Global 7000 development will remain a near-term focus. We maintain our Hold recommendation.

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