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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.
Focused

Builders FirstSource: Continues to Delever

Earnings Note: 05 Nov 2018, 2:01 PM ET - BLDR continues to focus on deleveraging efforts with net debt leverage of 3.8x at 3Q17 expected to be below 3.5x to end FY18 and within the company’s target range of 2.5x to 3.5x.  

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. 
Focused

Builders FirstSource: Solid Volume

Earnings Note: 08 Aug 2018, 8:48 PM ET - BLDR reported solid revenue and volume trends for 2Q18 but commodity price volatility increased cost of sales and led to margin deterioration. The company still anticipates being at ~3.5x leverage to end FY18 compared to 4.5x at 2Q18.   
Focused

Builders FirstSource: Singe Family Strong

Earnings Note: 10 May 2018, 10:07 PM ET - BLDR report strong sales trends in 1Q18 partially driven by increased commodity prices but also increased volume trends.  Commodity prices hurt margins but deleveraging plans remain on track to end the year at or under 3.5x net leverage.  

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.

December 2017 Company Coverage Initiated

Company Coverage Initiated: 01 Jan 2018, 6:36 PM ET - Our monthly report provides executive summaries for the seven companies on which we launched coverage in the Americas and Europe during the month of December.
Focused

Builders FirstSource: Tax/Redeem 10.75% at MW

Worth Watching: 14 Dec 2017, 8:45 PM ET - Builders FirstSource is on the tape with an announcement that the company is redeeming the remaining $367.6 mn outstanding on its 10.75% unsecured notes due August 2023 at the make-whole. The company plans to redeem the bonds with cash on hand ..
Focused

Builders FirstSource: Initiation

Company Spotlight: 12 Dec 2017, 8:36 PM ET - We initiate at Market perform on BLDR given solid fundamentals, improved credit metrics and continued deleveraging goals.  This strong trading levels and full price on the 1st lien and unsecured notes reflect the operational success.
Focused

Credit Profile: Builders FirstSource

Company Analysis: 12 Dec 2017, 8:35 PM ET - BLDR credit metrics are on the mend since the 2015 debt-heavy purchase of Pro Build.  High exposure to residential construction and favorable homebuilding volume trends support this bellwether building supplier. 

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.

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. 

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