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Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.
Focused

CEMIG: Taps Mkt For USD$500mn In Euro Bonds

Worth Watching: 12 Jul 2018, 9:54 PM ET - CEMIG (B/B) announced it reopened its recent USD$1 billion issuance adding an additional USD$ 500 million tranche. Proceeds from the new bond issuance will be used to reduce short-term bank debt which is financed at relatively high local interest ..
Focused

CEMIG: Telecom Auction Extended

Worth Watching: 11 Jul 2018, 9:50 PM ET - CEMIG  (B/B) extended the deadline for its telecom asset sale from July 25 to August 25 and our expected valuation is R$280 to R$300 million. The company noted that this extension is in an effort to make the auction as competitive as possible and ..

June 2018 Company Coverage Initiated

Company Coverage Initiated: 01 Jul 2018, 9:52 PM ET - Our monthly report provides executive summaries for the fourteen companies on which we launched coverage in North America, Asia and Europe during the month of June.
Focused

CEMIG: Brazil Utility 8% Yld & De-Leveraging, Buy

Company Analysis: 13 Jun 2018, 4:53 AM ET - We launch coverage on Brazilian utility CEMIG with a Buy recommendation. Its 9.25% $1bn 2024 bond has a strict deleveraging covenant with a 200 bp coupon step-up if the utility doesn't delever. We discuss our recent call with management.

IEnova: Sempra's Growth Beyond LNG

Company Analysis: 22 Jun 2017, 7:49 PM ET - IEnova is one of the largest energy infrastructure companies in Mexico (66% owned by Sempra Energy, ~13% of SRE's earnings) and plans to capture numerous investment opportunities in Mexico as the country deregulates its energy industry. 

CreditNote: Brazil Energy Cutbacks Could Hit Both Generation and Distribution Companies

EM Commentary: 29 May 2001, 5:53 AM ET - Brazil has ordered mandatory electric demand reductions of as much as 25% for many important segments of the economy. We expect earnings at both generation and distribution companies to be adversely affected.

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