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Fedex: Issuing to Refi $750 mn 2019’s

IG Note: 15 Oct 2018, 11:18 AM ET - Fedex is in the market this morning with 10Y and 30Y paper aimed at redeeming its outstanding 8.00% 2019 notes. Despite recently moving to M/P we would view NIC of 10 bp or higher as adequately compensating investors.

September 2018 US Company Recommendation Changes

US Company Recommendation Changes: 30 Sep 2018, 9:25 PM ET - Our monthly report provides executive summaries for the twelve company recommendation changes made on North American companies during the month of September.
Focused

FedEx: Moving to M/P on Trade Concerns

Company Analysis: 20 Sep 2018, 6:01 AM ET - FDX’s positive first quarter results were overshadowed by escalating trade tensions between US-China that threaten to undermine the positive impact of tax reforms and result in broader economic slowdown. We shift to a Market perform on FDX.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

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.
Focused

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.
Focused

FedEx: Back in the Market to Fund its Pensions

Worth Watching: 29 Jan 2018, 11:57 AM ET - FedEx (Baa2/BBB) is back in the debt markets with a two-tranche deal to fund incremental contributions to its domestic (U.S.) pension plans. The new deal includes a 10-year and 30-year notes, guided at T+75 and T+115 bp, respectively, which has ..

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
Focused

FedEx F2Q18: A Happy Holiday Season

Earnings Note: 21 Dec 2017, 9:12 AM ET - Strong execution and anticipation for yet another record holiday season helped FedEx raise its FY18 earnings guidance and also turn in a solid print for the second quarter. The Tax bill should provide additional upside to its guidance.

US IG Strategy Trade Ideas: Buy What's Lagged

Strategy Analysis: 27 Sep 2017, 4:47 AM ET - While US IG spreads are now only 2bp off the tights from July, there are still plenty of bonds that have yet to rally from early-September wides. We pair the bonds that have underperformed the overall IG index with our Outperform recs.
Focused

FedEx F1Q18: TNT Cyber-Attack Damages FY18 Outlook

Earnings Note: 21 Sep 2017, 9:12 AM ET - TNT cyber-attacks and Hurricane Harvey dampened FedEx’s F1Q18 results and also led to the company trimming its FY18 earnings outlook. Express’ long-term (FY20) op. profit target was however unaffected.  We maintain our O/P on FDX bonds.

June 2017 US Company Recommendation Changes

US Company Recommendation Changes: 02 Jul 2017, 9:29 PM ET - Our monthly report provides executive summaries for the twenty-two company recommendation changes made on US companies during the month of June.
Focused

FedEx 4Q17: Heavy Investment Cycle to Continue

Earnings Note: 22 Jun 2017, 6:52 PM ET - FDX reported strong results for the fourth quarter, reflecting its focus on balancing volumes and yield.  FY18 capex will remain elevated as aircraft fleet modernization continues, likely pressuring FCF in the near term. We move to O/P.
Focused

FedEx F3Q17: Future Looks Bright

Earnings Note: 23 Mar 2017, 1:32 PM ET - Despite a record peak season, FDX F3Q17 margins were again weaker, reflecting costs associated with Ground network expansion and higher fuel prices. Although FY17 EPS was affirmed, full year capex spending was lowered by $300 mn to $5.3 bn.

Johnson Controls: Marketing Euro-Denominated Debt

IG Note: 08 Mar 2017, 5:01 PM ET - JCI is expected to tap the European debt capital markets. Hence, we recap recent developments at the credit and offer our Relative Value thoughts ahead of potential issuance.
Focused

US Industrials: New Issuance Snapshot

Worth Watching: 08 Jan 2017, 10:25 PM ET - US Industrials: New issuance out of the industrial sector was robust this week, and was dominated by the auto and equipment captive finance companies along with Fedex. The industrials issuance totaled $13 bn or 20% of the weekly total of $64.5 ..
Focused

FedEx: New $1.2 bn Two-Part Deal to Fund Pensions

Worth Watching: 03 Jan 2017, 8:58 PM ET - FedEx (Baa2/BBB) tapped the debt markets with a two-tranche deal, split between $450 mn of 10-year and $750 mn of 30-year notes. The new 10-year notes priced at T+90 and the 30-year at T+140, representing around 20 to 25 bp tightening from init ..
Focused

FedEx: F2Q17 - Higher Ground Spending Hurts Profit

Worth Watching: 21 Dec 2016, 9:59 PM ET - FedEx (Baa2/BBB) reported weaker-than-expected earnings as higher spending to expand its Ground network operations ahead of the peak season weighed on fiscal second quarter results. FedEx reported F2Q17 revenues of $14.9 bn, up a solid 19.9% Yo ..

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