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Embraer 3Q18: Another Tough Quarter

Earnings Note: 31 Oct 2018, 1:48 PM ET - ERJ posted another quarter of losses but reaffirmed its FY18 financial and delivery guidance. ERJ-BA deal will now need approval from the new government, but Bolsonaro’s win bolsters the chances for it to go through. We remain at O/P.
Focused

Embraer 2Q18: KC-390 Drags Quarter into the Red

Earnings Note: 01 Aug 2018, 10:04 AM ET - ERJ reaffirmed its FY18 financial and delivery guidance despite generating a net loss of $124 mn in 2Q18, primarily due to a one-time charge related to the KC-390 program. ERJ’s mgmt. offered no new details regarding the treatment of bonds.
Focused

Embraer: Boeing Beleza

Company Analysis: 12 Jul 2018, 5:35 AM ET - We look at the implications for bondholders following the announcement of JV partnership between BA and ERJ’s commercial aerospace unit. We view the transaction as a net positive but await more clarity on its new capital structure moves.

December 2017 US Company Recommendation Changes

US Company Recommendation Changes: 01 Jan 2018, 6:36 PM ET - Our monthly report provides executive summaries for the nine company recommendation changes made on US companies during the month of December.
Focused

Embraer: Boeing Mulls a Combination with ERJ

Worth Watching: 22 Dec 2017, 8:45 AM ET - Embraer  (Ba1/BBB/BBB-) and Boeing (A2/A/A) confirmed reports - first made by the Wall Street Journal - about a potential combination, but are awaiting clarity from the Brazilian government's position regarding any potential deal. Any transacti ..
Focused

Embraer: Weathering the Turbulence; Move to O/P

Company Analysis: 05 Dec 2017, 2:24 PM ET - Current yields on ERJ bonds look attractive and we believe they more than adequately compensate investors for the near-term margin headwinds associated with the upcoming product transitions. We move to an Outperform recommendation on ERJ bo
Focused

2017 Paris Air Show: Momentum Swings Boeing’s Way

IG Note: 27 Jun 2017, 4:44 AM ET - Boeing wins versus Airbus in order announcements at the 2017 Paris Air Show. Narrowbody aircraft continue to dominate the headlines, with both 737 MAX and the A320neo family having a productive week.

EM Weekly: Brazil Takes A Tumble

Emerging Markets Weekly: 21 May 2017, 3:24 PM ET - EM credit was weaker last week, particularly Brazilian debt, which was hit by corruption allegations against the President. Some of the losses were pared back on Friday, but Brazilian debt was still down across the board over the week
Focused

Embraer 1Q17: Turbulent Quarter, Outlook Affirmed

Earnings Note: 03 May 2017, 12:06 PM ET - ERJ’s disappointing first quarter results reflect weaker commercial and business jet deliveries and the postponement of a satellite launch, but company affirmed its full-year financial guidance. We maintain our M/P recommendation.
Focused

Embraer 4Q16: Cost Saving Efforts Bear Fruit

Earnings Note: 12 Mar 2017, 8:20 PM ET - ERJ capped off the year on a strong note as cost cutting efforts took shape and lifted profits for the quarter and allowed ERJ to reach the high-end of its full year targets. Management provided positive earnings guidance for 2017.
Focused

Aerospace & Defense 2017 Outlook: Underperform

Sector Outlook: 01 Feb 2017, 5:43 AM ET - The DoD is still operating under a continuing resolution in FY17, but there is increased optimism that the new Republican government will lift defense spending caps for the years ahead. Commercial aerospace will face some headwinds in 2017.

EM Weekly: Mexico & Commodity Credits Outperform

Emerging Markets Weekly: 29 Jan 2017, 10:16 PM ET - Turkey and Mexican hard currency credit outperformed last week after underperforming early in 2017. In Turkey that came even with continued strain on the lira. Commodity credits also outperformed last week, in both IG & HY.
Focused

IG Note: Embraer: New 10Y USD Deal

IG Note: 25 Jan 2017, 12:37 PM ET - Embraer's new 10 year dollar bond looks attractive at the current IPT levels, but given the biz jet market headwinds and competitive pressure in commercial aerospace, we maintain our Market perform recommendation. 
Focused

ERJ 3Q16: Clearer Skies but Some Turbulence Ahead

Earnings Note: 01 Nov 2016, 2:38 PM ET - ERJ’s 3Q16 results, adjusted for non-recurring charges, improved YoY and exceeded consensus estimates on higher commercial jet deliveries. Although Biz jet market remains weak, the company provided brighter margin prospects going forward.

Industrials: Sector Update & 3Q16 Preview

Sector Analysis: 17 Oct 2016, 5:16 AM ET - In this report we update end-market color, highlight areas of focus during 3Q16 earnings season, discuss potential capital market activity, and feature some credits to watch such as CAT, DE, ETN, GE, JCI, PNR, UTX, and XYL.

EM Spotlight: Taking a Closer Look at Brazil

Emerging Markets Spotlight: 20 Jun 2016, 11:12 PM ET - Brazilian Credit has had a roller-coaster ride over the past 12 months. In this piece we look at how sensitive the corporates are to the sovereign and how the slowdown has been hitting each of the sectors and corporates under our coverage.
Focused

Embraer 1Q16: Low Oil Reduces Replacement Urgency

Earnings Note: 01 May 2016, 9:09 PM ET - ERJ offered a sullen view on the near-term prospects of the commercial jet industry.  Management is not aware of any other large US campaigns this year and low oil prices have reduced the urgency among airlines to upgrade older equipment.
Focused

Embraer: Fitch Starts at BBB-; IG Again at Barclays

Worth Watching: 04 Apr 2016, 9:49 PM ET - Embraer (Ba1/BBB/BBB-) received a BBB- rating (stable outlook) from Fitch, a first-time rating which will result in the company being put back into the Barclays investment grade indices six weeks after a Moody's downgrade sent the bonds into th ..
Focused

Embraer 4Q15: Margin Disappointment

Earnings Note: 06 Mar 2016, 2:07 PM ET - Adjusted EBIT declined due to Defense’s negative margins and rapid remarketing activity at Executive Jet.  ERJ revenue and profitability is forecast to improve in 2016, but this guidance failed to meet consensus estimates.  
Focused

Embraer: Downgraded to HY; Key Customer Ch11

Company Analysis: 28 Feb 2016, 8:55 PM ET - ERJ was downgraded one notch by Moody’s to Ba1 on Thursday.  Key customer Republic Airways filed for Chapter 11 bankruptcy protection the same day.

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