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IG Note: BNSF Issuing 30Y Paper

IG Note: 26 Feb 2018, 11:32 AM ET - BNSF is tapping the debt markets with a long-bond (30Y) for GCP, including refi existing bonds. We view IPT of +105 bp, ~20 bp outside the secondary, as offering an attractive entry point for on-the-run, solid core holding rail credit.
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Transportation 2018 Outlook: Market perform

Sector Outlook: 07 Feb 2018, 5:02 AM ET - Steady global growth, rebounding US industrial production and resilient consumer confidence provide support for a positive year ahead, but NAFTA remains a wildcard that could derail the sector’s high confidence.

November 2016 US Company Recommendation Changes

US Company Recommendation Changes: 01 Dec 2016, 6:00 AM ET - Our monthly report provides executive summaries for the forty-two company recommendation changes made on US companies during the month of November.

Upcoming NY IG & HY Conferences

Announcement: 29 Nov 2016, 8:54 PM ET - Join us in New York on Tuesday, December 13, 2016 for our upcoming conferences.
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BNSF 3Q16: Hurting From Weaker Freight Market

Earnings Note: 10 Nov 2016, 8:12 PM ET - BNSF’s weaker 3Q16 results highlight the challenges that have plagued all rail operators this quarter, as commodity and energy-related headwinds have hurt freight volumes and weighed on overall results. We shift to M/P from O/P.

Sector Update: June 2016 - US Industrials

Sector Weightings: 13 Jul 2016, 4:06 AM ET - Our Sector Update provides  June monthly performance data and updated recommendations for the Industrial sectors. 
Focused

Burlington Northern Santa Fe: $750 mn 30Y New Issue

Worth Watching: 09 May 2016, 10:41 PM ET - Burlington Northern Santa Fe (A3/A) priced a new $750 million 3.9% 30-year note at T+133 bp, 1 bp inside the 134 bp G-Spread that the existing BNSF 4.7 2045s traded on Friday.  Initial price talk started T+155.  The strong competitive position ..

Canadian Pacific: CP Ends M&A Effort, U/P to O/P

Company Analysis: 12 Apr 2016, 6:00 AM ET - CP ended its effort to acquire NSC, and Harrison comments suggest a subsequent pursuit of CSX is not forthcoming.  Investors should expect a new share repurchase program.

FedEx: €3 billion TNT Financing

Company Analysis: 04 Apr 2016, 2:53 PM ET - CreditSights remains comfortable with FDX exposure as long as buybacks cool, debt reduction ensues, and this higher-than-expected year-to-date debt issuance turns out to be opportunistic financing to pad the balance sheet.

FedEx: $750 mm 10-year and $1.25 bn 30-year Notes

Worth Watching: 21 Mar 2016, 8:43 PM ET - FedEx - FedEx (Baa1/BBB+) priced $750 million 10-year and $1.25 billion 30-year notes at T+135 bp and T+185 bp respectively.  This represents a 25 bp and 20 bp tightening from initial price talk.  A portion of proceeds will be used to redeem tw ..

Norfolk Southern 4Q15: Details Strategic Plan

Worth Watching: 27 Jan 2016, 10:57 PM ET

FedEx: 25 mm Share Repurchase Program; O/P to M/P

Worth Watching: 26 Jan 2016, 10:02 PM ET

GATX 4Q15: LPI Flat or Slightly Positive in 2016

Earnings Note: 24 Jan 2016, 8:44 PM ET - The rail equipment leasing cycle continues to ebb, and tank cars appear most vulnerable given oil-related demand pressure and new tank car supply.  GMT utilization rates remain high, but these are likely to weaken in 2016.

Kansas City Southern 4Q15: Good Cost Control

Worth Watching: 24 Jan 2016, 8:00 PM ET

Canadian Pacific 4Q15: M&A Event Risk Falls

Earnings Note: 21 Jan 2016, 10:22 PM ET - CP comments, along with lawmaker opposition, reduce the probability of M&A.  Harrison primarily pointed to the political opposition that has emerged.  The likelihood of a voting trust transaction also appears lower.

Union Pacific 4Q15: 2016 Volume To Fall Slightly

Earnings Note: 21 Jan 2016, 1:03 PM ET - 4Q15 revenue and EBITDA missed consensus estimates on 31% and 23% sales declines in coal and industrial products. 

CSX 4Q15: 2016 Capex To Shrink 6%; Coal Outlook Cut

Worth Watching: 13 Jan 2016, 12:52 PM ET

Freight/Rail/Logistics: 2016 Outlook

Sector Outlook: 05 Jan 2016, 11:26 PM ET - The freight/rail/logistics group is likely to Underperform.  Expect FRL leverage to increase.  Rail pricing power remains intact, but volume is more likely to surprise to the downside than upside.

2016 Outlook: Industrial Sector Recommendations

Strategy Outlook: 21 Dec 2015, 10:33 PM ET - We discuss 2015’s performance and detail our 2016 recommendations in the Industrial sector. 

FedEx F2Q16: Shakes Off The Industrial Slowdown

Earnings Note: 17 Dec 2015, 9:16 PM ET - FDX had a solid F2Q16 as volume, price, and margin improvement drove an 11% adjusted EBITDA gain, despite the slower industrial economy.

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