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Latam in Focus: Mexico Flies, Brazilian Honeymoon

Emerging Markets Spotlight: 15 Nov 2018, 6:04 AM ET - Latin American credit has rebounded in recent months, led by Argentina and Brazil. Mexico in contrast has been hit as investors have become worried about AMLO’s policy priorities. We prefer Brazil to Mexico in the current environment.
Focused

CSN 3Q18: All Eyes on Asset Sales

Earnings Note: 08 Nov 2018, 2:17 PM ET - We examine CSN's 3Q18 results and take a look at the firm's asset sale initiatives. 
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CSN: Selling European Steel Assets?

Worth Watching: 16 Oct 2018, 10:40 PM ET - CSN (B3/CCC+/B-) is close to selling its steel businesses in Portugal and Germany, according to a Bloomberg article. The Brazilian steelmaker has reportedly received 30 non-binding proposals to acquire the European assets. According to the report, ..

Asia Credit: New York City Investor Meetings

Strategy Analysis: 03 Oct 2018, 12:13 AM ET - Our Asia corporate analysts spent two days meeting investors in New York earlier this month. We met a mix of investor types, including US and non-US based asset managers, investment advisers, investment banks, hedge funds and private banks.
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CSN 2Q18: Strong Results Despite Truck Strike

Earnings Note: 08 Aug 2018, 8:50 PM ET - We examine CSN's stronger than expected 2Q18 results in light of the nationwide truck strike and take a look at the company's latest balance sheet liability management initiatives. 
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CSN: Completes LLC Asset Sale for R$1.8 bn

Worth Watching: 01 Jul 2018, 10:22 PM ET - CSN (B3/CCC+/B-) announced that it completed the sale of CSN LLC, its steel processing facility in Indiana, for US$400 mn or R$1.5 bn. The final value will be subject to a post-closing adjustment to working capital, which is estimated to be anothe ..

US HY 2018 Conference Series Presentations

Presentation Slides: 28 Jun 2018, 2:05 PM ET - We provide the presentation slides from our 2018 US HY Conference Series.
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Brazil Truckers' Strike: Basic Industries View

Sector Analysis: 31 May 2018, 5:08 AM ET - We take a look at the Brazilian truckers' strike which has crippled the local economy over the last 1.5 weeks and assess the potential impact on the Metals & Mining and Paper & Packaging sectors. 
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CSN 1Q18: Finally Selling Something

Earnings Note: 15 May 2018, 10:06 PM ET - CSN deserves credit for pulling the trigger on the US$400 mn LLC asset sale, but we will have to wait to see how committed management remains on the asset sale front despite its rhetoric.
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CSN: CEO Promises to Sell Assets

Worth Watching: 10 May 2018, 10:18 PM ET - CSN (B3/CCC+/B-): In a telephone interview with Bloomberg, CSN CEO Benjamin Steinbruch made a promise to sell key assets by July to reduce its high debt levels. Steinbruch's stronger rhetoric on asset sales is motivated by investor pressure during ..
Focused

CSN: Potential Stock Sale

Worth Watching: 23 Apr 2018, 8:07 PM ET - CSN (B3/CCC+/B-): The Board of Directors has authorized the sale of up to 30,391,000 common shares that are held in treasury in order to comply with the provisions of Article 9 of Comissão de Valores Mobiliários (CVM) Instruction 567/2015. CVM is ..
Focused

CSN: Rumored Asset Sale to STLD for $250 mn

Worth Watching: 17 Apr 2018, 3:13 PM ET - CSN (B3/CCC+/B-): According to the Brazilian newspaper Estadao, CSN is in advanced negotiations to sell its U.S. steel plant in Terre Haute, Indiana with 350 ktpa capacity. The newspaper reports that STLD is carrying out an audit of the operations ..
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CSN 4Q17: Steel Recovering, But Refi Risk Lingers

Earnings Note: 27 Mar 2018, 8:57 PM ET - We take a look at CSN's 4Q17 results in light of the improving steel trends and refinancing risks surrounding the credit.
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CSN: DAMing Contradictions @ Fernandinho Mine

Worth Watching: 19 Mar 2018, 9:56 PM ET - CSN (B3/CCC+/B-): The Brazilian newspaper, Jornal Estado de Minas, reported that the dams "Auxiliar B2" and "B2" in CSN's Fernandinho mining complex in the municipality of Rio Acima were closed off by a judicial injunction last Friday. The article ..
Focused

CSN: Plans to Sell Bonds and Non-Core Assets

Worth Watching: 14 Mar 2018, 10:14 PM ET - CSN (B3/CCC+/B-): CFO Marcelo Cunha Ribeiro told reporters after a presentation in São Paulo that CSN plans to sell bonds and non-core assets in the coming months prior to the country's elections in October. Plan A is to sell its Usiminas shares a ..
Focused

CSN: Reduces 2019-20 Bond Maturities by $603 mn

Worth Watching: 06 Mar 2018, 3:12 PM ET - CSN (B3/CCC+) continues to chip away at its maturity wall. On the heels of the recent bank debt extension, the Brazilian steel company reduced its 2019-20 bond maturities by $603 mn to $1.35 bn. The proceeds from the recent $350 mn bond offering w ..
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CSN: Potential Usiminas Stock Sale

Worth Watching: 15 Feb 2018, 11:14 AM ET - CSN (B3/CCC+/B-): According to a report on Bloomberg, CSN agreed to put up the shares that its holds in rival Brazilian steelmaker, Usiminas, as collateral as part of the recent debt-relief deal with at least one of its two main Brazilian lenders ..
Focused

CSN: Reduces Bond Tender to $350 mn

Worth Watching: 11 Feb 2018, 8:57 PM ET - CSN (B3/CCC+/B-) is capping its bond tender for the 2019s and 2020s to $350 mn down from $750 mn, in light of yesterday's disappointing bond offering. The Brazilian steelmaker was reportedly looking to tap the debt capital market for US$1.0 bn, bu ..
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CSN: Bond Deal Disappoints

Worth Watching: 08 Feb 2018, 6:17 PM ET - CSN (B3/CCC+/B-) issued US$350 mn in 7.625% 5NC3 bond that priced at 98.983 to yield 7.875%. The size of the offering was well below what we had expected and certainly disappointing, given that CSN was reportedly looking to tap the debt capital ma ..
Focused

CSN: Buy the 5NC3 Bonds, High 7% IPT

Worth Watching: 08 Feb 2018, 10:08 AM ET - CSN (B3/CCC+/B-) is indeed coming to the market with a benchmark USD bond as we had expected (see: CSN: Look out for the New Bond Deal 02-08-18). According to Bloomberg, CSN is issuing a 5NC3 bond that is expected to price today. The initial price ..

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