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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

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. 

2018 Outlook: European IG Building Materials

Sector Outlook: 05 Feb 2018, 10:22 PM ET - In this piece, the third of our Global Building Materials & Construction series, we review our outlook for the European Construction Aggregates sub-sector of the BAML High Grade Index. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

US Constructn Outlook: Kingdom for an (Infra) Bill

Sector Outlook: 23 Jan 2018, 9:56 PM ET - In the second of our Global Building Materials and Construction Outlook series, we examine the prospects for the US Construction Market in 2018 after a year that promised much but delivered somewhat less.

2017 Euro Conference: Buildng Materials Transcript

Transcript: 12 Dec 2017, 4:04 PM ET - In this presentation to our Annual Conference last week, we outlined our preliminary thoughts on the Outlook for the European IG Building Materials sector in 2018.

October 2017 Company Coverage Initiated

Company Coverage Initiated: 31 Oct 2017, 9:47 PM ET - Our monthly report provides executive summaries for the twelve companies on which we launched coverage in the Americas and Europe during the month of October.
Focused

Boral Ltd – Coverage Initiation on New USD Issue

Company Spotlight: 24 Oct 2017, 9:38 AM ET - Boral Ltd (Baa2/BBB), an Australian-domiciled building materials credit, is in the market with a debut US$ bond issue. We like the name and advise using the new transaction to gain exposure given the deal's initial price talk.

US IG Strategy Basic Industries: After the Storms

Sector Weightings: 14 Sep 2017, 4:44 AM ET - We present a review of Basic Industries returns, as well as some commentary around the impact of Harvey and Irma. 

Vulcan Matls vs Martin Marietta: Mid-Yr Peer Comp

Company Analysis: 30 Aug 2017, 9:50 AM ET - 2017 has been a mixed year thus far for our heavy-side US construction aggregates credits. 

IG Basic Industries: Mid-Year Review

Sector Weightings: 14 Jul 2017, 5:30 AM ET - We review 1H17 performance for Basics compared to our outlooks, and then set the course for the remainder of the year, including some key themes and sector picks.

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. 

Sector Update March 2017 - US Basic Industries

Sector Weightings: 10 Apr 2017, 8:10 PM ET - The Basic Industries sector ended its streak of outpeformances in March, as the sector moderately underperformed the IG index. However, with significant outperformance YTD, we continue to hold a positive view on the Basics sector.

Sector Update February 2017 - US Basic Industries

Sector Weightings: 12 Mar 2017, 8:09 PM ET - The Basic Industries sector continued its hot streak in February, outpeforming the IG index by approximately 45 bps of excess return. We maintain our O/P rec on the sector, but note that the degree of potential outperformance is shrinking. 

Sector Update January 2017 - US Basic Industries

Sector Weightings: 09 Feb 2017, 8:14 PM ET - The high-beta sectors in Basic Industries continued their streak of strong performance. Metals and Mining led the way with 151 bps of excess return in the month. We maintain our positive view on the sector and the Outperform rec. 

Global Building Materials Outlook 2017

Sector Outlook: 08 Feb 2017, 11:44 PM ET - In the final part of our Global Construction and Building Materials Outlook series, we outline our expectations for event risk, credit metrics and bond issuance, and review our Relative Value Recs on both a sector and single name basis. 

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