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CRH: A Defensive Pick in Turbulent Times

Earnings Note: 21 Nov 2018, 9:22 PM ET - CRH reported solid 9M18 trading and is predicting leverage to return to its low two times corridor by year end (after the spate of 2018 acquisitions).
Focused

LafargeHolcim: Deleveraging Process Under Way

IG Note: 13 Nov 2018, 10:26 PM ET - The news of a $1.75 bn divestment of LafargeHolcim's Indonesian business is a good start to the credit's 2022 strategy, while there were some positive signs in its recent 3Q18 trading statement.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

HY Construction: Update on ASTIM, CMCRAV, IPGIM

Sector Analysis: 11 Oct 2018, 10:30 PM ET - In a sector that has been beset with volatility and turmoil in the last five weeks, we are publishing this note to again update investors on our thinking on the Italian High Yield Construction space.

Euro HY Construction: Carnage Gives Way to Chaos

Sector Analysis: 19 Sep 2018, 11:52 PM ET - After a week of chaos, we publish this piece to briefly update investors of our thought process on the single B / triple C European High Yield Construction names. 

Highlighting Hybrids: Repricing the Risks

Strategy Analysis: 08 Aug 2018, 10:28 PM ET - The high-beta sell-off since the start of February has continued to push euro hybrid spreads significantly wider. In this piece we again revisit our optimistic case for the asset class in light of the increased market volatility.

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

LafargeHolcim: New Issue Note - NC5.25 Hybrids

IG Note: 22 Jun 2018, 8:45 AM ET - LafargeHolcim is reportedly in the market with a benchmark sized hybrid bond issue, with a non-call period of 5.25 years

Euro HY Conference 2018: European Construction

Transcript: 20 Jun 2018, 10:48 PM ET - In this article, we transcribe our presentation from CreditSights' European High Yield Conference on the Rise & Fall of European HY Construction. 

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Saint Gobain: Finally, a resolution on Sika

Worth Watching: 11 May 2018, 11:44 AM ET - Saint Gobain (BBB/Baa2/BBB) issued a press release this morning to inform the markets that an agreement has been reached to end the long-lasting Sika takeover saga (Saint Gobain Spotlight: M&A Watch & Funding Update). The company also held a C ..
Focused

LafargeHolcim 1Q18: Don't Ask, Don't Tell

Earnings Note: 09 May 2018, 9:09 AM ET - The 1Q18 trading update from LafargeHolcim was underwhelming. 

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 
Focused

LafargeHolcim: New Strategy > Old Strategy?

Company Spotlight: 13 Mar 2018, 10:14 PM ET - We are rolling our Underperform Recommendation on LafargeHolcim in the wake of its “new” strategy unveiled by Jan Jenisch, who has now been at the helm for some six months.

CRH vs SGO – 2017 Peer Comp and RelVal Assessment

Company Analysis: 06 Mar 2018, 10:06 PM ET - In the wake of our detailed analysis of 2017 financials and 2018 outlook, we are rolling our Outperform Recommendation on CRH and Underperform on Saint Gobain.

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.

EU HY Construction Outlook: Pt I - Fundamentals

Sector Outlook: 11 Jan 2018, 9:58 PM ET - In the first of two part article on the Outlook for our Euro High Yield Construction Coverage, we examine the economic backdrop for the Continent and underline our expectations for construction spending in 2018. 

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.

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