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United Technologies: EUR Debt Issuance Pending?

IG Note: 13 May 2018, 10:16 PM ET - We share our updated thoughts on UTX ahead of what could be EUR debt issuance as soon as Monday.

Section 232: Exemptions R Us, Maybe

Sector Analysis: 09 Mar 2018, 5:40 AM ET - We bring the Section 232 steel and aluminum tariff discussion down to select industries and companies. 

Section 232: Look Back at Section 201 Steel Tariff

Sector Analysis: 07 Mar 2018, 9:54 PM ET - We take a look at some of the similarities and differences between Section 232 versus the Section 201 steel tariffs that were implemented under the George W. Bush administration in 2002-03 to see how 232 could potentially play out. 

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

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. 

A&D 3Q17 Earnings Recap: LMT, GD, BA, NOC, RTN, LLL

Sector Analysis: 30 Oct 2017, 11:36 PM ET - Six names under our A&D coverage reported third quarter earnings last week. Results were generally healthy with four of them reporting better than expected earnings and all six raised or affirmed full-year 2017 earnings guidance. 

August 2017 US Company Recommendation Changes

US Company Recommendation Changes: 01 Sep 2017, 8:11 AM ET - Our monthly report provides executive summaries for the thirty-five company recommendation changes made on US companies during the month of August.
Focused

Rolls-Royce 1H17: Near-term Headwinds, LT Story

Earnings Note: 06 Aug 2017, 1:51 PM ET - RR reported better-than-expected 1H17 results and reaffirmed its FY17 profit and FCF outlook as it made further progress under its multi-year transformation plan, but RR’s operating story still faces significant challenges ahead.

US IG Strategy: Picks and Pans (May 2017)

Strategy Analysis: 16 May 2017, 4:22 AM 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. 

US IG Sector Recs: A Very "In Line" April

Sector Weightings: 09 May 2017, 5:22 AM ET - After a weak March the IG index returned to positive territory, but most sectors reported excess return within +/- 5bp of the overall index. We discuss performance and update our sector recommendations. 

US IG Sector Slide Pack: April 2017

Sector Weightings: 08 May 2017, 11:18 PM ET - Our US IG Sector Slide Pack: April 2017 includes spread, return and attribution data for many of the Level 3 and Level 4 sectors of the BAML Index.  We look at both monthly and year-to-date performance. 

Sector Update March 2017 - US Industrials

Sector Weightings: 10 Apr 2017, 8:20 PM ET - The Industrials sector largely matched the widening seen in the IG Corp ate index, though significantly underperformed on an excess return basis. We continue to hold a largely negative view on the sector entering 2Q17.

US IG Strategy: Picks and Pans

Strategy Analysis: 23 Mar 2017, 5:11 AM ET - We launch our newest product – US IG Strategy: Picks and Pans. In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans).

Sector Update February 2017 - US Industrials

Sector Weightings: 12 Mar 2017, 8:10 PM ET - February was a mixed month for Industrials sub-sectors, however aggregate excess return slightly outperformed the IG index. We also provide a summary of Industrials monthly IG supply and US Manufacturing ISM in our report.

Trump, Trade, Germany, and the EU

Strategy Analysis: 08 Mar 2017, 11:15 PM ET - The Trump team focuses on a bilateral deal with Germany distinct from the EU and sets the stage for more tension. We frame the US-Germany trade deficit for 2016 at the industry level.  Trade edges ahead of the Fed as a risk variable?

February 2017 Europe Company Recommendation Change

Euro Recommendation Changes: 28 Feb 2017, 9:00 PM ET - Our monthly report provides executive summaries for the twelve company recommendation changes made on European companies during the month of February.

US Taxes: Interest Deductibility, Par Call Fear

Sector Analysis: 27 Feb 2017, 3:42 PM ET - We look into recent inquiries on interest deductibility issues and redemption risk.  Finding special tax redemption provisions can be a needles-and-haystacks exercise. The good news is "tailored" interest deduction language is hard to find.

Sector Update January 2017 - US Industrials

Sector Weightings: 09 Feb 2017, 8:14 PM ET - Within the Industrials sector, only Automotives were able to modestly outperform the US Corp index. After this run, coupled with fundamental concerns, we downgrade our rec on Autos to Underperform.  

Bombardier: Fed Govt. Provides C$372.5 mn Loan

HY Note: 08 Feb 2017, 5:52 AM ET - Bombardier receives a new Canadian government financial aid package that is less than expected, but still further supports liquidity and financial flexibility and helps to mitigate program execution risks.  
Focused

Aerospace & Defense 2017 Outlook: Underperform

Sector Outlook: 01 Feb 2017, 5:43 AM ET - The DoD is still operating under a continuing resolution in FY17, but there is increased optimism that the new Republican government will lift defense spending caps for the years ahead. Commercial aerospace will face some headwinds in 2017.

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