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CMA CGM 3Q18: Reprieve in Bunker Costs on the Way?

Earnings Note: 28 Nov 2018, 11:18 AM ET - CMA CGM reported 3Q18 results that continue to highlight positive growth in demand, offset by a drag on earnings due to the rise in fuel costs.

Hapag-Lloyd 3Q18: Fuel Recovery Plan On the Way

Earnings Note: 08 Nov 2018, 9:27 PM ET - Hapag-Lloyd reported solid results, and although market headwinds remain, remains cautiously optimistic and well positioned to react to potential headwinds on the horizon.

Fedex: Issuing to Refi $750 mn 2019’s

IG Note: 15 Oct 2018, 11:18 AM ET - Fedex is in the market this morning with 10Y and 30Y paper aimed at redeeming its outstanding 8.00% 2019 notes. Despite recently moving to M/P we would view NIC of 10 bp or higher as adequately compensating investors.

September 2018 US Company Recommendation Changes

US Company Recommendation Changes: 30 Sep 2018, 9:25 PM ET - Our monthly report provides executive summaries for the twelve company recommendation changes made on North American companies during the month of September.

FedEx: Moving to M/P on Trade Concerns

Company Analysis: 20 Sep 2018, 6:01 AM ET - FDX’s positive first quarter results were overshadowed by escalating trade tensions between US-China that threaten to undermine the positive impact of tax reforms and result in broader economic slowdown. We shift to a Market perform on FDX.

CMA CGM 2Q18: Fuel surcharges, M&A on the Horizon

Company Analysis: 11 Sep 2018, 8:05 AM ET - 2Q18 results were expected to be weak, but liquidity remains solid and 2H18 will improve sequentially as fuel surcharges kick in.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 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. 

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. 

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.

Transportation 2018 Outlook: Market perform

Sector Outlook: 07 Feb 2018, 5:02 AM ET - Steady global growth, rebounding US industrial production and resilient consumer confidence provide support for a positive year ahead, but NAFTA remains a wildcard that could derail the sector’s high confidence.

FedEx: Back in the Market to Fund its Pensions

Worth Watching: 29 Jan 2018, 11:57 AM ET - FedEx (Baa2/BBB) is back in the debt markets with a two-tranche deal to fund incremental contributions to its domestic (U.S.) pension plans. The new deal includes a 10-year and 30-year notes, guided at T+75 and T+115 bp, respectively, which has ..

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short 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. 

FedEx F2Q18: A Happy Holiday Season

Earnings Note: 21 Dec 2017, 9:12 AM ET - Strong execution and anticipation for yet another record holiday season helped FedEx raise its FY18 earnings guidance and also turn in a solid print for the second quarter. The Tax bill should provide additional upside to its guidance.

CMA CGM: Taps 5.25s of 2025 for €150 mn

Worth Watching: 06 Nov 2017, 5:37 AM ET - CMA CGM (B3/B-) is tapping its €500 mn 5.25% 2025 senior unsecured notes for an additional €150 mn, less than one month after issuing the bond (see CMA CGM: Issuing €300m 7NC3 Bonds, IPT 5.5%-5.75%). This will take the total outstanding amount t ..

US IG Strategy Trade Ideas: Buy What's Lagged

Strategy Analysis: 27 Sep 2017, 4:47 AM ET - While US IG spreads are now only 2bp off the tights from July, there are still plenty of bonds that have yet to rally from early-September wides. We pair the bonds that have underperformed the overall IG index with our Outperform recs.

FedEx F1Q18: TNT Cyber-Attack Damages FY18 Outlook

Earnings Note: 21 Sep 2017, 9:12 AM ET - TNT cyber-attacks and Hurricane Harvey dampened FedEx’s F1Q18 results and also led to the company trimming its FY18 earnings outlook. Express’ long-term (FY20) op. profit target was however unaffected.  We maintain our O/P on FDX bonds.

Hapag-Lloyd: 2Q17 Earnings

Worth Watching: 29 Aug 2017, 4:52 PM ET - Hapag-Lloyd reported solid results that benefitted from the improving pricing environment – although the consolidation of UASC, as well as the company's long term contract mix, has held the company back from posting even stronger improvements. ..

June 2017 US Company Recommendation Changes

US Company Recommendation Changes: 02 Jul 2017, 9:29 PM ET - Our monthly report provides executive summaries for the twenty-two company recommendation changes made on US companies during the month of June.

FedEx 4Q17: Heavy Investment Cycle to Continue

Earnings Note: 22 Jun 2017, 6:52 PM ET - FDX reported strong results for the fourth quarter, reflecting its focus on balancing volumes and yield.  FY18 capex will remain elevated as aircraft fleet modernization continues, likely pressuring FCF in the near term. We move to O/P.

CMA CGM 1Q17: Riding the Recovery Wave

Earnings Note: 23 May 2017, 8:44 PM ET - CMA CGM reported strong 1Q17 results as the rise in freight rates, improvement in operating performance and NOL synergies more than offset the sharp rise in bunker fuel costs.

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