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Rexel is a distributor of low or ultra-low voltage electric products. Distribution is the group's sole activity as it does not design, manufacture or install any of the products sold. The business originally started in France, but the group is now present in 32 countries through 2,000 branches organised under various commercial banners. In 2017, Rexel generated 57% of sales in Europe, 34% in North America, and 9% in Asia-Pacific. The product offering includes: building insulation (26% of 2017 sales, cables and cable management systems for the distribution of electricity (21%), luminaries and lamps (21%), industrial automation products (14%), HVAC (5%), tools & safety (3%), data communications (3%) and other services (8%). By end-market, Rexel generated 22% of 2017 sales from the Residential segment, 45% from Commercial and 33% from Industrial. (29 Jun 2018)

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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. 

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? 

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.

Rexel 1Q18: Mixed Quarter, Hold M/P For Now

Earnings Note: 08 May 2018, 10:52 PM ET - We hold our Market perform on Rexel for now after a mixed 1Q18. 

Wienerberger: New Issue Report: €250 mn Six Year

Company Spotlight: 22 Apr 2018, 10:43 PM ET - Wienerberger AG (WIE) is expected to be in the market this week with a €250 mn six year bond, having roadshowed last week.

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. 

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.

Rexel: Solid FY17, New Strategy Bearing Fruit

Earnings Note: 19 Feb 2018, 9:13 PM ET - FY17 was a solid year with a like-for-like sales uplift, a six per cent improvement in profitability, stronger credit metrics, and a positive outlook statement.

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. 

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.

2017 Euro Conference: High Yield Construction

Transcript: 11 Dec 2017, 8:46 PM ET - In this article, we transcribe our presentation to CreditSights 2017 Outlook Conference on the Construction sector.

Prysmian and Nexans: 3Q17 Performance

Earnings Note: 08 Nov 2017, 8:36 PM ET - Prysmian reported earnings and Nexans provided a sales update for 3Q17, and Nexans outperformed its Italian peer in terms of LFL revenue growth. Both credits kept tight lipped on rumoured M&A and we remain U/P on both PRY and NEX.

Rexel: €500 mn 7.5 NC5 Drive-By to Refi 22s

HY Note: 06 Nov 2017, 7:39 AM ET - Rexel is in the market with a new drive-by seven and a half year €500 mn senior unsecured bond, to finance the repurchase of its existing €500 mn 3.25% 2022 notes. 

Rexel 2Q17: Organic Growth Picking Up

Earnings Note: 02 Aug 2017, 8:37 PM ET - Rexel reported a solid set of results, with improvements in organic growth across all regions. The company continues to methodically implement its strategy, announced earlier this year.  

European Construction: Mid-Year Outlook 2017

Sector Outlook: 24 Jul 2017, 6:17 PM ET - The latest set of Euroconstruct forecasts are more supportive of growth in European Construction than previously envisaged. 

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