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Oil & Gas: HY E&P Cash Flows at $50/bbl Oil

Sector Analysis: 28 Nov 2018, 4:10 AM ET - We now see HY E&P 2019 cash flows coming in 24% lower than previously expected at our new $50/WTI price deck ($65/WTI old).  We expect to see a mix of capex cuts, divestitures and incremental borrowings next year.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

Framing Berkshire’s Nevada Utility Ballot Vote

Company Analysis: 01 Nov 2018, 10:05 PM ET - We don't see any concerns for bondholders and frame Nevada ballot question #3 for bondholders. 

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. 

Utilities: Tracking Coal Plant Retirements

Sector Analysis: 11 Sep 2018, 5:29 AM ET - Given ongoing coal plant retirements in our trade publications we have taken a fresh look at the SNL power plant database and our own notes on coal plant retirements. 

UK Utilities: Ofgem Confirms Tough RIIO-2

Worth Watching: 30 Jul 2018, 12:52 PM ET - UK Utilities : On Monday 30 July Ofgem released its RIIO-2 Framework Decision which is the "framework" around which it will construct the RIIO-2 price controls. In the UK the current price controls for electricity and gas transmission and for g ..

HY Power: Calpine EBITDA Soaring w/ TX Heat

Company Analysis: 30 Jul 2018, 6:01 AM ET - We calculate the heat wave that hit TX in July combined with strong August forward power prices could add $450 million of EBITDA to Calpine’s $1.8-1.9 billion EBITDA run-rate of the last several years.

HY Power CLO Monitor: Secured Debt Update

Sector Analysis: 24 Jul 2018, 5:35 AM ET - We expect stable to improving secured leverage across the HY Power sector driven by a strong outlook for free cash flows as capex is minimal across the board. 

Presentation Slides: U.S. Life Insurance Primer

Presentation Slides: 09 Jul 2018, 10:15 PM ET - In this note, we provide an adapted version of our standard Life Insurance sector presentation. We offer a downloadable copy of the presentation, as well. 

HY Power: TX Spark Spreads Continue to Climb

Worth Watching: 02 Jul 2018, 10:55 AM ET - HY Power - Spark spreads for the month of June finished mixed relative to last year's levels and closed higher in Texas / ERCOT (+12%), PJM West (+21%) and East (+4%) while falling significantly in Northern/Southern CA and New England. So far t ..

AES: Exits Eletropaulo Stake, Positive for CEMIG?

Worth Watching: 14 Jun 2018, 10:28 AM ET - AES (Ba2/BB+) announced it has officially exited its 17% stake in Eletropaulo (ELPL3: a Brazilian utility, no USD bonds) for $310 million and will use the proceeds to reduce parent level debt. We view the sale as another positive signal for AES ho ..

Utilities & Power: Trade Pub & Twitter Takeaways

Sector Analysis: 07 Jun 2018, 4:59 AM ET - We provide investors highlights from worthwhile stories we've read in trade publications and twitter over the last two weeks. 

Insurance: Top 25 Reinsurers 2017

Worth Watching: 29 May 2018, 3:31 PM ET - Insurance: Based on data compiled by S&P Global Market Intelligence, Munich Re remained as the largest reinsurer in 2017 as measured by reinsurance premiums written/assumed. The company reported $35.7 bn of reinsurance premiums written in 2017, ..

Power & Utilities: Gangbuster PJM Auction +83% YoY

Sector Weightings: 23 May 2018, 9:11 PM ET - PJM capacity auction prices rose 83% YoY, w/multiple new regions breaking out even higher. TLN bonds are likely most exposed to the upside. Positive for PEG, EXC, VST, CPN, and NRG. 

TerraForm: Buy, Brookfield Maintaining Control

Earnings Note: 03 May 2018, 10:09 PM ET - Buy TERP Bonds....We believe the Canadian clients get it and most of the American asset managers balk at TERPs leverage and aren't as familiar with Brookfield's sterling reputation on credit quality. 

NRG Energy: 3x Net Lev. on Track; Large M2M Gain

Company Analysis: 03 May 2018, 9:40 AM ET - NRG's 3x net leverage target is on track as investors brace for a record hot summer in TX that is not without significant operating risk. 

Transcanada: TCP Drops 29% on Distribution Cut

Worth Watching: 02 May 2018, 9:20 PM ET - Transcanada  (TRP: A3/BBB+) U.S. MLP, TC Pipelines, fell 29% on Wednesday after announcing a 35% distribution cut and is now down 53% in 2018.  The initial FERC announcement drove TCP equity down ~26%, which made equity funding unattractive, and ..

Crestwood 1Q18: Totally Committed to Being an MLP

Earnings Note: 01 May 2018, 11:14 AM ET - CEQP reported 1Q18 adjusted EBITDA of $102mn, up 12% YoY and below consensus estimates of $103mn, driven primarily by strong gathering and processing volume increases.  

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. 

U.S. P&C Insurance: E&S Outperforms Again

Sector Analysis: 19 Apr 2018, 5:03 AM ET - E&S writers may be targets for M&A activity given above average margins in this challenging period for P&C insurers. Although some insurers may temporarily sideline M&A given the catastrophe losses in 2017.

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