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CNH Industrial

CNH Industrial is the result of the spin-off of Fiat Industrial from Fiat in 2011, and subsequent merger with the then 88% owned CNH Global in September 2013. The company has a dual listing in NY and Italy. CNHI segments include Agricultural Equipment (39% and 59% of FY17 net industrial revenues and operating profit, respectively), Construction Equipment (9%, 1%), Commercial Vehicles (37%, 17%) and Powertrains (15%, 23%). The majority of FY17 net revenues came from EMEA (54%), followed by NAFTA (20%), APAC (15%) and LATAM (11%). (06 Feb 2018)

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CNH Industrial: Achieves Full IG Ratings

Worth Watching: 03 Dec 2018, 8:57 PM ET - CNH Industrial: Moody's raised its ratings on CNH Industrial by one notch to Baa3 from Ba1, with a stable outlook, bringing the company to full IG ratings from Moody's, S&P and Fitch. The company now boasts IG ratings (Baa3/BBB/BBB-) across all ..
Focused

CNHI: 3Q18 | On Track

Earnings Note: 07 Nov 2018, 9:59 PM ET - NAFTA farmer sentiment maybe softening, but orders remain healthy, each of CNHI’s segments improved margins and from a credit standpoint, management is still committed to the delevering process.
Focused

CNHI: Issuing 7.5Y EUR Bonds

Worth Watching: 12 Sep 2018, 7:35 AM ET - CNHI: CNH Industrial Finance Europe (Ba1/BBB) is issuing €500 mn in 7.5Y bonds (January 2026 maturity) with the bonds guaranteed by CNH Industrial NV. The specific issuer last tapped the market in August 2017 with the €650 mn 1.75% 09/2025 bon ..
Focused

CNHI: Issuing 5Y USD Notes Out Of Financing Arm

HY Note: 09 Aug 2018, 11:22 AM ET - CNHI is in the market with 5-year notes via its North American captive financing subsidiary. We maintain our Outperform view on the credit and would be buyers down to levels where there is a 5-10 bp concession to the existing notes.

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

CNHI 2Q18: Positive Results Overshadow Tariff Risk

Earnings Note: 26 Jul 2018, 5:39 PM ET - CNHI reported strong results and despite caution surrounding tariff uncertainties, favourably revised FY18 guidance.

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. 

FCA: Sergio Marchionne Unexpectedly Steps Down

Worth Watching: 22 Jul 2018, 9:03 PM ET - FCA (Ba3/BB+) announced on Saturday, 21 July 2018 that CEO Sergio Marchionne will be unable to return to work due to unexpected complications following recent surgery. Mr. Marchionne was scheduled to retire as CEO in April 2019 and a succession ..

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.

United Technologies: EUR Debt Issuance Pending?

IG Note: 13 May 2018, 10:16 PM ET - We share our updated thoughts on UTX ahead of what could be EUR debt issuance as soon as Monday.

Schneider Electric: Finally Gets Around to L&T

IG Note: 02 May 2018, 12:11 PM ET - Schneider Electric announced that it has reached an agreement to acquire the Electrical and Automation business from Larsen & Toubro (L&T), with limited impact on credit metrics. Bearing this in mind, we move to a M/P on SUFP's bonds.

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.

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.

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. 

US IG Strategy: Buying Opportunities

Strategy Analysis: 22 Feb 2018, 9:35 PM ET - Although the IG index has retraced all of 2018's spread tightening, we continue to like IG bonds. We present more than 50 bonds we suggest buying based on our fundamental view of the credit and outsized spread widening from peak levels.
Focused

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.

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.
Focused

Euro Autos: 2018 Outlook

Sector Outlook: 17 Jan 2018, 9:52 PM ET - In this report we review our outlook for the automotive market in 2018, discuss long term trends and short term implications, and update our investment recommendations.

US HY/IG Strategy: Rising Stars

Strategy Analysis: 21 Dec 2017, 5:30 AM ET - We highlight the near and medium term rising star candidates from our sector research analysts. 

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