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SIG Combibloc

SIG Combibloc Group is a European producer of aseptic beverage cartons and packaging equipment for beverages and liquid food. The Company produces beverage cartons for fresh and long-life food products, such as drinks, soups and desserts. Also, SIG offers solutions for the production, coating, and filling of PET bottles. The company was founded in 1853 and is headquartered in Neuhausen, Switzerland. (09 Jul 2018)

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Metsä: Weakness in China Leads To Lowered Guidance

HY Note: 13 Dec 2018, 10:57 AM ET - METSA lowered 4Q18 guidance due to lower pulp prices and operational issues at a mill. We review the rationale and update our views on the credit.

Klöckner Pentaplast: New CEO (Again) and PIK Coup

Worth Watching: 12 Dec 2018, 6:03 AM ET - Klöckner Pentaplast (KPERST, WR/CCC+, HOLD) in a notice filed on December 11, 2018, announced that its €395.0 million 8.500% / 9.250% Senior PIK-Toggle Notes due 2023 are expected to be paid with PIK interest on the January 15, 2019 payment da ..

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. 

Lecta 3Q18: Buy or Build?

Earnings Note: 06 Dec 2018, 10:01 PM ET - Lecta reported 3Q18 earnings in line with our estimates due to higher paper prices and contributions from the specialty business. We review results and management's outlook. 

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. 

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

SIG Combibloc 3Q18: New Structure, Same Credit

Earnings Note: 31 Oct 2018, 3:22 PM ET - SIGCBL emerges with a leaner capital structure post IPO, yet the cash flow story remains in tact. We review the 9 mo results and outlook, and initiate a rating on the loans. 

Paper Trails: Mixed Bag

Paper Trails: 29 Oct 2018, 5:05 AM ET - Mixed results from 3Q18 earnings thus far, with some misses and and lowered guidance and some meets and affirmations. See our recaps as well as a news run and macro data of interest for the week. 

Stora Enso 3Q18: Solid Growth Continues

Earnings Note: 28 Oct 2018, 9:04 AM ET - Stora reported strong quarterly results, benefiting from its continued transformation, led by consumer board. We update our thoughts on the credit and its path to investment grade. 

Paper Trails: Euro 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 10:51 PM ET - We present our Europe 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. 

Paper Trails: RFP to Sell Catawba, Macro Data

Paper Trails: 08 Oct 2018, 8:29 PM ET - Resolute's agreement to sell its Catawba pulp and paper mill headlines our weekly market recap. We also provide our Paper and Pulp Monthly Data Recaps. 

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. 
Focused

SIG Combibloc: IPO Debuts in Swiss Exchange

Worth Watching: 28 Sep 2018, 11:56 AM ET - SIG Combibloc (SIGCBL, Caa1/B-, Market perform) IPO priced this morning at CHF11.25 on the SIX Swiss exchange. According to a press release from SIGCBL's owner, Onex, the IPO priced near the midpoint of the CHF10.5-13.5 guidance range. SIG issu ..

Paper Trails: Hurricane Effects and Tariffs Hit

Paper Trails: 24 Sep 2018, 4:57 AM ET - This week we recap the impact Hurricane Florence had on several names under coverage. China imposes 5-10% tariffs on pulp imports. 

Paper Trails: Packaging Activism and IPO's....

Paper Trails: 17 Sep 2018, 4:20 AM ET - Our market recap this week features important news out of Europe. SIG launched its IPO and OI's investors recommended the company to sell its European business. We also present our July Paper and Pulp industry data recaps. 
Focused

SIG Combibloc: IPO Launched

Worth Watching: 16 Sep 2018, 9:31 PM ET - SIG Combibloc SIG Combibloc (SIGCBL, Caa1/B-, Market perform) launched its IPO today on the SIX Swiss Exchange. The offering will consist of up to 112,870, 000 shares (Base Case), with a target price range from CHF 10.50 to CHF 13.50/share. Ad ..
Focused

SIG Combibloc: Redemption Conditions On Notes

Worth Watching: 12 Sep 2018, 9:13 PM ET - SIG Combibloc (SIGCBL, Caa1/B-, Market perform) on September 3, 2018 announced the redemption of its €675 million 7.750% Secured Notes due 2023. The notes will be redeemed at a price of 103.88 on October 1st if the Redemption Conditions are met ..

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