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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. 
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HD Supply: In the Market

HY Note: 01 Oct 2018, 11:06 AM ET - HDS is in the market with a $750 mn 8-year offering which will be used to redeem its $1 bn 5.75% of April 2024 notes.
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HD Supply: Steady Credit Waiting for Refi

Earnings Note: 05 Sep 2018, 8:33 PM ET - HDS underlying operating trends are steady with FM and C&I both experience solid organic revenue growth.  Investors await a potential refinancing of its 5.75% of 2024 unsecured bonds which ais expected to be addressed in 2018.   
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HD Supply: Upgraded at Moody’s

Worth Watching: 17 Jul 2018, 1:55 PM ET - HD Supply was on the receiving end of a credit upgrade at Moody's.  The existing term loans were upgraded one notch to Ba2, while the unsecured notes were upgraded 2 notches to Ba3.  With the upgrade the unsecured bonds will now transition to th ..
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HD Supply: Investor Day Takeaways

Company Spotlight: 28 Jun 2018, 5:10 PM ET - HD Supply held its first investor day last week since going public in 2013 at its new Atlanta headquarters and provided an overview of its operating units, growth and capital allocation strategies after a period of deleveraging.
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HD Supply: Solid Start

Earnings Note: 05 Jun 2018, 5:52 PM ET - HDS reported solid 1Q18 results with margin improvement at both segments. Operations at FM continue to improve after the supply chain issues in late 2016/early 2017 while C&I rides solid demand trends in nonresi construction projects.
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HD Supply: Upgraded to BB- at S&P

Worth Watching: 25 Apr 2018, 9:48 PM ET - HD Supply unsecured bonds were upgraded to BB- at S&P from B+ and the 1st lien term loans were upgraded to BBB- from BB+.  Moody's rates HDS unsecured notes at B2 so the company will remain in the B tier for HY index purposes.  Since its IPO in ..
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HD Supply: Shifting Capital Allocation Priorities

Earnings Note: 13 Mar 2018, 9:31 PM ET - HDS steadies the ship at facilities maintenance while C&I posted strong results. Further balance sheet improvement will be gradual as capital allocation priorities favor growth investments, tuck-in acquisitions and shareholder rewards.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

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. 

2018 Outlook: European IG Building Materials

Sector Outlook: 05 Feb 2018, 10:22 PM ET - In this piece, the third of our Global Building Materials & Construction series, we review our outlook for the European Construction Aggregates sub-sector of the BAML High Grade Index. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

US Constructn Outlook: Kingdom for an (Infra) Bill

Sector Outlook: 23 Jan 2018, 9:56 PM ET - In the second of our Global Building Materials and Construction Outlook series, we examine the prospects for the US Construction Market in 2018 after a year that promised much but delivered somewhat less.

2017 Euro Conference: Buildng Materials Transcript

Transcript: 12 Dec 2017, 4:04 PM ET - In this presentation to our Annual Conference last week, we outlined our preliminary thoughts on the Outlook for the European IG Building Materials sector in 2018.

US IG Strategy Basic Industries: After the Storms

Sector Weightings: 14 Sep 2017, 4:44 AM ET - We present a review of Basic Industries returns, as well as some commentary around the impact of Harvey and Irma. 
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HD Supply 2Q17: The Shrinking HDS

Earnings Note: 06 Sep 2017, 9:26 PM ET - HDS affirms guidance and continues to be a solid free cash flow generator with a much-improved balance sheet.  The more interesting color was the prism into how they see Harvey playing out for their operations.  

Vulcan Matls vs Martin Marietta: Mid-Yr Peer Comp

Company Analysis: 30 Aug 2017, 9:50 AM ET - 2017 has been a mixed year thus far for our heavy-side US construction aggregates credits. 
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HD Supply: Shareholder Relief?

HY Note: 18 Aug 2017, 4:40 AM ET - HDS seeks bond consents and looks to refinance loans while adding additional room for shareholder enhancement. While a modest offset to recent bondholder friendly actions, financial trends are still positive on debt reduction.  

IG Basic Industries: Mid-Year Review

Sector Weightings: 14 Jul 2017, 5:30 AM ET - We review 1H17 performance for Basics compared to our outlooks, and then set the course for the remainder of the year, including some key themes and sector picks.
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HD Supply: IG Quality Out on Horizon?

Earnings Note: 06 Jun 2017, 12:24 PM ET - HDS has been a very strong FCF generator, but the asset sale deal adds a strong set of balance sheet metrics to the equation. The equity market hates the news, but debt will decline materially.  

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