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Fibria

Fibria (FBR) is a manufacturer of hardwood pulp based in Brazil. The company is the largest producer of eucalyptus pulp, with annual capacity of 7.25 million tons. The company has mills located in Três Lagoas (Mato Grosso do Sul), Aracruz (Espírito Santo), Jacareí (São Paulo), besides Veracel, a mill in Eunápolis (Bahia), in Joint-Operation with Stora Enso. In partnership with Cenibra, it operates Portocel, in Aracruz, the only Brazilian port specialized in pulp shipments. On March 15, 2018, FBR and Suzano agreed to combine in a transaction, creating largest manufacturer of Bleached Eucalyptus Kraft Pulp (BEK) in the world with a market pulp capacity of over 11 million tons. The deal remains subject to regulatory bodies, primarily in Brazil and the European Union. (01 Oct 2018)

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Paper Trails: Soft Pulp, Buy or Build, And More...

Paper Trails: 10 Dec 2018, 4:25 AM ET - We present pulp and paper monthly data, as we note softness developing in the pulp markets. Lecta was weaker on the week due to concerns for management pursuing leveraging M&A. 
Focused

Paper Trails: Stocking Pre-Stuffed

Paper Trails: 03 Dec 2018, 4:26 AM ET - Our weekly recap was stocked with news, including WRK Sr. Notes issuance, comments from IP and UFS at an industry conference last week and our Pulp and Paper monthly previews. Also, the US/China reached a deal to suspend new tariffs. 
Focused

Fibria: Final Step Toward Closing Merger

Worth Watching: 29 Nov 2018, 2:34 PM ET - Fibria (FIBRBZ, Ba1/BBB-, Outperform), in a joint notice to the market, shared that European Antitrust authorities approved the company's deal to merge with Suzano. However, the approval is subject to FBR's early termination of its agreement f ..

Arauco 3Q18: Good Results, Cautious Approach

Earnings Note: 26 Nov 2018, 8:02 PM ET - Arauco's results were positive as pulp markets remained favorable through the quarter. The upcoming expansion cycle remains a point of focus as the markets begin to show softness. We review results and provide an update on the credit.

Paper Trails: Earnings and Containerboard Data

Paper Trails: 19 Nov 2018, 4:24 AM ET - Mixed earnings from several names in our HY space and SIGCBL's one-notch upgrade to BB+ by S&P headlines our weekly market recap. We also provide a preview of our October containerboard monthly data recap.

CMPC 3Q18: Spend or Not Spend?

Earnings Note: 16 Nov 2018, 2:30 PM ET - Empresas CMPC posted strong results fueled by pulp. We review the quarter and the company's outlook given its strong balance sheet. 

Paper Trails: Mixed Bag

Paper Trails: 29 Oct 2018, 5:05 AM ET - Mixed results from 3Q18 earnings thus far, with some misses and and lowered guidance and some meets and affirmations. See our recaps as well as a news run and macro data of interest for the week. 
Focused

Fibria 3Q18: Cash Is Always King

Earnings Note: 24 Oct 2018, 8:32 PM ET - Fibria posted another record quarter, fueled by its Horizonte 2 expansion. We review the quarter and our thoughts on the credit. 

Paper Trails: Earnings Season Kickoff, Box Data

Paper Trails: 21 Oct 2018, 8:13 PM ET - Earnings season kicks off in full swing this week. We published our 3Q18 previews last week ahead of reporting by CCK and a pre-announced miss by SEE. Additionally, containerboard data for September came in off trend. 

Paper Trails: Euro 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 10:51 PM ET - We present our Europe earnings preview for 3Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter and our thoughts on what to listen for on the calls. 

Paper Trails: North American 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 5:17 AM ET - We present our North American earnings preview for 3Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter and our thoughts on what to listen for on the calls. 

Paper Trails: Hurricanes, Forecasts, Volatility

Paper Trails: 15 Oct 2018, 9:18 AM ET - This week's market recap is headlined by a containerboard market forecast from RISI's annual conference. Hurricane Michael showed some impact on production. Equity market volatility impacted HY. 

Paper Trails: RFP to Sell Catawba, Macro Data

Paper Trails: 08 Oct 2018, 8:29 PM ET - Resolute's agreement to sell its Catawba pulp and paper mill headlines our weekly market recap. We also provide our Paper and Pulp Monthly Data Recaps. 

Paper Trails: Containerboard and SIG's IPO

Paper Trails: 01 Oct 2018, 3:39 AM ET - Included in this week's market summary is our August Containerboard data recap as well as news on the pricing of SIGCBL's IPO on the SIX Swiss exchange. S&P also revised OSBCN's outlook from Stable to Positive. 

Paper Trails: Hurricane Effects and Tariffs Hit

Paper Trails: 24 Sep 2018, 4:57 AM ET - This week we recap the impact Hurricane Florence had on several names under coverage. China imposes 5-10% tariffs on pulp imports. 

BBB Tails: Spread Per Unit Default Risk

Risk Product Analysis: 18 Sep 2018, 9:51 PM ET - We screened the US investment grade index to find BBB issuers with high levels of spread compensation relative to their five-year default risk.

Paper Trails: Packaging Activism and IPO's....

Paper Trails: 17 Sep 2018, 4:20 AM ET - Our market recap this week features important news out of Europe. SIG launched its IPO and OI's investors recommended the company to sell its European business. We also present our July Paper and Pulp industry data recaps. 

Paper Trails: CVO, SIG, KPERST Make Headlines

Paper Trails: 10 Sep 2018, 3:40 AM ET - Moody placed SIGCBL on review for upgrade and Cenveo emerged from Chapter 11. KPERST also appointed a new CFO effective Oct 1st.  

Paper Trails: Newsprint in the Headlines, SIG IPO

Paper Trails: 03 Sep 2018, 7:36 PM ET - The ITC's ruling to cancel newsprint duties, SIGCBL's plans for an IPO and earnings reports from CELARA and PROGRP headline this week's market recap. 

Arauco 2Q18: Expansion Funding Risk Ahead

Earnings Note: 31 Aug 2018, 11:55 AM ET - As expected, Arauco reported strong results driven by favorable pulp market fundamentals. We review the company's expansion funding plans as well as provide an update on the credit. 

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