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Caterpillar

CAT remains the world's largest manufacturer of construction and mining equipment with extensive global operations and a diversified, low-cost supplier chain. Manufacturing segments include Construction Industries (45% of FY17 revenues), Energy and Transportation (at 37%), and Resource Industries (18%). The company has a very small "all other" segment bucket, which is made up of a diverse mix of smaller business lines tied to manufacturing markets. While the U.S. remains by far the largest market for the CAT, 59% of revenues were generated overseas during 2017. (23 Oct 2018)

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Focused

Caterpillar: 3Q18 | Was it Really that Bad?

Worth Watching: 23 Oct 2018, 4:17 PM ET - Caterpillar (A3/A) is back in the limelight, but peeling back the layers we would argue that trends are not as ugly as the stock sell off is indicating unlike what is being seen over at 3M. Back in April, CEO Jim Umpleby  spooked the markets wi ..
Focused

Caterpillar Financial: Attractive Concession

IG Note: 04 Sep 2018, 9:49 AM ET - CAT Financial is tapping the markets with 3Y fixed/floating notes. We are market perform, due to general spread tightness, but would view any new issue concession as an opportunity for investors to increase exposure to this solid name. 

Industrials 2Q18 Review: Tariffs Tame for Now

Sector Analysis: 07 Aug 2018, 4:43 AM ET - It was a strong 2Q18 earnings season for our Industrial credits. We share the salient takeaways and touch on hot button topics such as end-market trends, tariffs and event risk.
Focused

Caterpillar: 2Q18 | Claws Back

Earnings Note: 30 Jul 2018, 10:17 PM ET - Caterpillar posted impressive 2Q18 results and went on to lift FY18 guidance warding off the major market concerns for now. We maintain our Market perform on the credit.

US Industrials: Macro Data Points

Sector Analysis: 12 Jun 2018, 1:59 AM ET - In this report, we tied the positive tone from Industrial management teams to select economic data points.

US Industrials: EPG Conference | Macro to Micro

Sector Analysis: 29 May 2018, 4:47 AM ET - We attended the 3-day Electrical Products Group conference in FL last week, which featured a host of Industrial firms. The macro and end-market tone was distinctly positive.  In this report we highlight key takeaways on over 15 credits.

Caterpillar Financial: Multi-Tranche Offering

IG Note: 09 May 2018, 9:34 AM ET - CAT Financial is tapping the markets with a multi-trance offering. We are at a Market perform, due to general spread tightness, but would view any new issue concession as an opportunity for investors to increase exposure to this solid name.

Parker: 3Q18 | Shifting to Market perform

Earnings Note: 26 Apr 2018, 9:13 PM ET - PH’s earnings were strong, but with the equity now under pressure and debt reduction plans nearing completion we anticipate a capital allocation change soon. We take our Outperform on the credit to a Market perform.
Focused

Caterpillar: 1Q18 | Looking Beyond the Noise

Earnings Note: 24 Apr 2018, 10:08 PM ET - Although CAT’s stock sold off on commentary that 1Q18 was the high-water mark for adjusted earnings, credit investors need not be rattled, and we maintain our Market perform on the credit.
Focused

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.
Focused

Caterpillar Financial: Multi-Tranche Offering

IG Note: 12 Mar 2018, 10:15 AM ET - CAT Financial is tapping the markets with a multi-trance offering. We are market perform, due to general spread tightness, but would view any new issue concession as an opportunity for investors to increase exposure to this solid name. 

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. 

CNHI 4Q17: Supportive Positive Trends

Earnings Note: 31 Jan 2018, 9:11 AM ET - CNHI reported results highlighting positive trends in end-market demand which contributed to better operating performance. Credit metrics continue to strengthen at the Capital Goods bellwether and we maintain our O/P on CNHI bonds.
Focused

Caterpillar: 4Q17 | Broad-based Strength

Earnings Note: 25 Jan 2018, 10:38 PM ET - Caterpillar capped off the year on a high note as the firm capitalized on strength across every geographic region and most end-markets.  

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.

John Deere Capital: Multi-tranche Offering

Worth Watching: 03 Jan 2018, 10:35 AM ET - John Deere Capital (A2/A), the captive finance arm and main issuing entity in the Deere family, is ringing in the New Year with its inaugural 2018 debt issuance. JDCC is in the markets this morning with 3Y fixed and floating paper, as well as 5 ..

CNH Industrial: Issuing New 10Y US$ Bonds

Worth Watching: 09 Nov 2017, 1:23 PM ET - CNH Industrial is issuing new 10-year US dollar bonds out of the CNH Industrial N.V. (parent) entity. CNH Industrial has one other US$ bond outstanding at the parent level, the 4.5% 8/2023 bond (Ba2/BBB -/BBB-), which trades at a spread of G+12 ..
Focused

Caterpillar: 3Q17 | Knocks the Cover off the Ball

Earnings Note: 24 Oct 2017, 8:11 PM ET - Caterpillar’s earning trajectory has been on a favorable trend line in 2017 and the trend continued into the third quarter with a set of strong results. The quarter did not change our view of the credit and we remain at a Market perform.

John Deere Capital: FRN Issuance and Tap of 2024s

Worth Watching: 02 Oct 2017, 1:14 PM ET - John Deere Capital (A2/A) continues to be active on the new issuance front to support equipment sales of the parent company, but given the current market conditions we have noticed a notable increase in the amount of floating-rate note issuance ..

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