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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

First Quantum 3Q18: Hedges Support Results

Earnings Note: 30 Oct 2018, 9:39 PM ET - We examine FMCN's 3Q18 results and take a look at recent developments surrounding Zambia, Panama, and the Cobre Panama capex project. 

First Quantum: Zambia Woes

HY Note: 24 Oct 2018, 10:12 PM ET - We take an in-depth look at the myriad issues surrounding Zambia and the implications on FMCN.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Arconic: LBO Rumors Continue

Worth Watching: 09 Oct 2018, 3:37 PM ET - Arconic (Ba2/BBB-/BB+): LBO rumors continue to swirl. According to Reuters, Blackstone, Carlyle, Onex, and Canada Pension have made a joint bid to acquire ARNC. The report also noted that the PE consortium is competing with Apollo in the bidding p ..

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.

FCX: Landmark Grasberg Deal Signing

Worth Watching: 30 Sep 2018, 10:35 PM ET - FCX (Ba2/BB) and Rio Tinto signed a binding agreement to sell their stakes in the Grasberg mine to PT Indonesia Asahan Aluminum (Inalum). The terms are roughly in-line with what was reported in July when the parties signed a nonbinding agreement ( ..

First Quantum: Zambia Ups Mining Tax

Worth Watching: 30 Sep 2018, 10:35 PM ET - First Quantum (B3/B): The cost of operating in Zambia for FMCN is increasing. According to FMCN's calculations, its aggregate 2017 All In Sustaining Cost (AISC) would have been $1.68/lb versus $1.65/lb based on an updated mining royalty regime in ..

First Quantum: Panama Jurisdiction Risk Rises

Worth Watching: 26 Sep 2018, 10:05 PM ET - First Quantum (B3/B): Jurisdiction risk is increasing. According to a news report in La Prensa on Tuesday, September 25th, the Panamanian Supreme Court ruled that the legal framework used to approve the Cobre Panama contract in February 1997 was ..

HK/SG Conference 2018: Commodities

Transcript: 06 Aug 2018, 6:14 AM ET - Transcript of our commodities presentation from CreditSights' SG/HK conferences outlining our top-down views on commodities and single name recommendations.

FMCN 2Q18: Solid Results

Earnings Note: 31 Jul 2018, 8:09 PM ET - We examine FMCN's 2Q18 results and take a look at recent developments surrounding the Zambia tax dispute, copper hedges, and the Cobre Panama copper project.

FMCN: Zambia Provides More Time

Worth Watching: 09 Jul 2018, 12:29 PM ET - FMCN (B3/B/B): Zambia has agreed to provide FMCN more time to conduct its analysis in regards to the $7.9 bn tax assessment. Zambia's finance minister noted that the government will provide FMCN an additional month. For Zambia, the country's motiv ..

Coal Producers: Exposure to Potential Retirements

Sector Analysis: 28 Jun 2018, 5:16 AM ET - As part of our continued coverage of coal producer exposure to plant retirements, we have analyzed coal plant data to determine which basins and coal producers have the greatest exposure to unplanned, but at risk, coal plant retirements.  

FMCN 1Q18: Positive Zambia Tax Dispute Comments

Earnings Note: 27 Apr 2018, 2:53 PM ET - We take a look at FMCN's 1Q18 results and provide an update on the ZRA tax dispute. 

FMCN: Update on ZCCM Arbitration

Worth Watching: 03 Apr 2018, 8:47 PM ET - FMCN (B3/B/B) issued a press release providing an update to the arbitration and high court claims with ZCCM with respect to interest paid to Kansanshi from FMCN's financing entity on inter-company loans. The Arbitral Tribunal with its February 22, ..

First Quantum Minerals: Zambia Follow-Up

HY Note: 22 Mar 2018, 5:15 AM ET - FMCN conference call today further clarifies that the massive Zambia tax bill is more or less an extortion attempt in our view. Bonds have rebounded from the lows of yesterday, but we continue to view the situation as a buying opportunity.

FMCN: Trouble in Zambia, Buy on Weakness

HY Note: 21 Mar 2018, 5:25 AM ET - Bonds are down after Zambia announced that it is assessing a massive tax bill on FMCN, but we are looking at the situation as a buying opportunity given the history of resolutions being significantly lower than initial posturings. 

FMCN: Industrial Action At Cobre Panama

Worth Watching: 14 Mar 2018, 10:15 PM ET - FMCN (B3/B/B) reported that industrial action has reduced the level of work being performed on the Cobre Panama project. Development activity continues in two of the four main construction areas. We will monitor the situation closely. At this junc ..

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.

February 2018 US Company Recommendation Changes

US Company Recommendation Changes: 28 Feb 2018, 11:30 PM ET - Our monthly report provides executive summaries for the thirty-four company recommendation changes made on North American companies during the month of February.

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