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November 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the forty company recommendation changes made on North American companies during the month of November.

Spotlight on Mexico City Airport Trust

Company Spotlight: 29 Nov 2018, 4:38 AM ET - Complex political situation, default expected.

PEMEX: Risks Abound, Downgrading to U/P

Earnings Note: 16 Nov 2018, 11:45 AM ET - We are downgrading PEMEX to Underperform.  We believe that risk remains weighted to the downside given growing concerns about the crude price outlook and continued concerns about the direction that AMLO will push the company.

Latam in Focus: Mexico Flies, Brazilian Honeymoon

Emerging Markets Spotlight: 15 Nov 2018, 6:04 AM ET - Latin American credit has rebounded in recent months, led by Argentina and Brazil. Mexico in contrast has been hit as investors have become worried about AMLO’s policy priorities. We prefer Brazil to Mexico in the current environment.

US IG Chart of the Day: Largest Issuer Curves

Strategy Analysis: 03 Oct 2018, 10:33 AM ET - Comcast's mega-deal this week prompted us to take a look at the spread curve for the largest issuers in the IG Index. T, GM, and Pemex have the steepest curves, while the A-rated names have much flatter structures. 

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Pemex 2Q18: Production Declines & AMLO Uncertainty

Earnings Note: 30 Jul 2018, 8:00 PM ET - PEMEX (Baa3/BBB+) on Friday reported 2Q18 Ebitda of MXN149.7 bn, rising 8% QoQ and 7% YoY as stronger commodity prices were partially offset by a weakening exchange rate.  

Pemex: In The Market With 4.5/7.5/10.75Y € Notes

Company Analysis: 16 May 2018, 9:41 AM ET - Ahead of the 1st July 2018 Mexican Presidential election Pemex is coming to the market with a set of Euro denominated notes. For investors willing to get into the name ahead of the election, the deals seem overall attractive.

Pemex: 1Q18 Results Highlights

Earnings Note: 30 Apr 2018, 12:04 PM ET - Pemex reported better 1Q18 EBIT, up 48% YoY to MXN107 bn. The operational performance remained relatively weak, but cash generation improved. The key uncertainties  continue to relate to the next Presidential Election.

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 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. 

Pemex: 4Q17 / FY17 The Same, But Better

Earnings Note: 28 Feb 2018, 6:00 AM ET - Pemex released a set of still weak but improved 4Q17 / FY17 financial / cash generation results. We see room for some of the positive financial trend to continue in 2018 and welcome international players’ interest in the country and Pemex.

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.

Euro IG Strategy: Picks and Pans (February 2018)

Strategy Analysis: 04 Feb 2018, 10:28 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

Pemex : Issues $4 bn in 10Y & 30Y Tranches - BUY

Company Analysis: 01 Feb 2018, 5:21 PM ET - Pemex is said to come to the market with $2.5 bn 10Y notes guided at 5.75%/5.4% and $1.5 bn 30Y notes at 6.75%/6.4%. We like the 10Y notes into the 5.25% level and the 30Y into the 6.3% range.

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short 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. 

2017 Euro Conference: LatAm Integrated Oils

Transcript: 08 Jan 2018, 6:33 PM ET - This is the transcript of our LatAm Integrated Oils' presentation at CreditSights' Euro 2017 Conference. We maintain our O/P view on Petrobras, Pemex & Ecopetrol, initiate on YPF with a Hold. 

Pemex & Ecopetrol: 3Q17 / 9M17 Results Highlights

Earnings Note: 10 Nov 2017, 5:47 AM ET - Pemex and Ecopetrol released improved set of results mostly on the back of the better hydrocarbons price environment. While Pemex continued to show weaker operational performance that of Ecopetrol remained overall healthy.

US IG Strategy: Picks and Pans (August 2017)

Strategy Analysis: 15 Aug 2017, 4:28 PM ET - We update our US IG Picks and Pans. In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). We also explain why names have been added or removed from the list. 

Pemex & Ecopetrol: 2Q17 / 1H17 Highlights

Earnings Note: 11 Aug 2017, 6:03 AM ET - Ecopetrol / Pemex released their 1H17  results which were partly supported by the better industry environment but the better fundamental performance was that of Ecopetrol. Both however continue to benefit from a generally positive momentum.

Pemex: $5 bn Issue Finances New Tender Offer

Worth Watching: 12 Jul 2017, 6:02 AM ET - Pemex (Baa3/BBB+BBB+): On the 11 July 2017 Pemex came to the market reopening, for a high $5 bn, some of its 2027 and 2047 securities to help fund the tender offer for its outstanding 5.75% 2018s ($1.8 bn outstanding), 3.5% 2018s ($1 bn) and 3. ..

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