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Sealed Air: Shaping Up to Ship More Out

HY Note: 14 Dec 2018, 10:28 AM ET - SEE announced a new strategic plan to aid long term growth across its business. We review the restructuring plan and update our view on the credit.

Ball Corporation: Exiting China

HY Note: 14 Dec 2018, 6:03 AM ET - BLL announced that it is divesting its owned assets in China. We review the announcement and update thoughts on the credit. 

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.

Paper Trails: Soft Pulp, Buy or Build, And More...

Paper Trails: 10 Dec 2018, 4:25 AM ET - We present pulp and paper monthly data, as we note softness developing in the pulp markets. Lecta was weaker on the week due to concerns for management pursuing leveraging M&A. 
Focused

Paper Trails: Stocking Pre-Stuffed

Paper Trails: 03 Dec 2018, 4:26 AM ET - Our weekly recap was stocked with news, including WRK Sr. Notes issuance, comments from IP and UFS at an industry conference last week and our Pulp and Paper monthly previews. Also, the US/China reached a deal to suspend new tariffs. 
Focused

WestRock: New 7 and 10 Yr Note Issues

IG Note: 27 Nov 2018, 11:20 AM ET -  WestRock is out this morning with new 7Y and 10Y benchmark Senior Notes. We view both as attractive at IPT.

Paper Trails: The Grinch Invades UK, Pulp Wars

Paper Trails: 26 Nov 2018, 4:46 AM ET - AMZN ruins Christmas? Chinese customers pushing back against pulp prices, yet large hardwood manufacturers refuse to reduce pricing in the face of reduced orders. More inside....

Paper Trails: Earnings and Containerboard Data

Paper Trails: 19 Nov 2018, 4:24 AM ET - Mixed earnings from several names in our HY space and SIGCBL's one-notch upgrade to BB+ by S&P headlines our weekly market recap. We also provide a preview of our October containerboard monthly data recap.

Paper Trails: Upgrades, Buybacks, Pulp Market View

Paper Trails: 12 Nov 2018, 4:04 AM ET - Good earnings from RYAM and LPX highlight the week plus an upgrade to IG for STERV. We highlight commentary from the London Pulp Conference from RISI competitor Hawkins Wright.
Focused

WestRock F4Q18: Closure and A Path Forward

Earnings Note: 06 Nov 2018, 10:48 AM ET - The completion of the Kapstone acquisition and solid overall shipment data were some of the highlights in another strong reporting period for WestRock. 
Focused

WestRock: DOJ Approves Acquisition of Kapstone

Worth Watching: 30 Oct 2018, 1:39 PM ET - WestRock (WRK, Baa2/BBB, Outperform) announced that the pending acquisition of KapStone (KS) has been approved by the U.S. Department of Justice (DOJ). We highlight the transaction was approved without restriction. There had been speculation th ..

International Paper 3Q18: Middle Ground

Earnings Note: 28 Oct 2018, 9:03 AM ET - Good results set the stage for equivocating on debt reduction and shareholder returns. We review the quarter and share our thoughts on the credit. 

Packaging Corp 3Q18: Integration is Key

Earnings Note: 26 Oct 2018, 10:49 AM ET - PKG's 3Q18 results reflect the power of its integrated business model. We review the numbers and update our thoughts on the credit. 

Paper Trails: Earnings Season Kickoff, Box Data

Paper Trails: 21 Oct 2018, 8:13 PM ET - Earnings season kicks off in full swing this week. We published our 3Q18 previews last week ahead of reporting by CCK and a pre-announced miss by SEE. Additionally, containerboard data for September came in off trend. 

Crown Holdings: S&P Upgrade, Still M&A Risk Ahead

Worth Watching: 19 Oct 2018, 1:09 PM ET - Crown Holdings (CCK, Ba2/BB+) issuer rating was upgraded to BB+ from BB by S&P ratings. Additionally, CCK's senior secured rating was upgraded to BBB- from BB+. According to S&P, the upgrade reflects the company's integration of Signode and its ..

Sealed Air: Clear Miss, Lowered Guidance

Worth Watching: 17 Oct 2018, 11:43 PM ET - Sealed Air  (SEE, Ba3/BB+, Market perform) announced limited preliminary 3Q18 results that were below our estimates. 3Q18 sales are expected to be $1.2 billion, up 5% from the prior year and ahead of our $1.1 billion estimate. Excluding $39 mil ..

Paper Trails: North American 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 5:17 AM ET - We present our North American earnings preview for 3Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter and our thoughts on what to listen for on the calls. 

Paper Trails: Hurricanes, Forecasts, Volatility

Paper Trails: 15 Oct 2018, 9:18 AM ET - This week's market recap is headlined by a containerboard market forecast from RISI's annual conference. Hurricane Michael showed some impact on production. Equity market volatility impacted HY. 

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. 

Paper Trails: Containerboard and SIG's IPO

Paper Trails: 01 Oct 2018, 3:39 AM ET - Included in this week's market summary is our August Containerboard data recap as well as news on the pricing of SIGCBL's IPO on the SIX Swiss exchange. S&P also revised OSBCN's outlook from Stable to Positive. 

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