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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.
Focused

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.

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. 

US Monday Meeting Notes: Issuance, Headlines & HY

US Monday Meeting Notes: 12 Nov 2017, 9:20 PM ET - Risk assets ended last week on the back foot as competing Senate/House tax plans made investors jittery.
Focused

UPS: Issues $5.2 bn Across the Curve

Worth Watching: 09 Nov 2017, 8:54 PM ET - UPS (A1/A+) issued $5.2 bn of senior notes in a seven-part offering that included a mix of floating-rate notes (FRN) and fixed rate notes. UPS placed $850 mn in floating-rate notes, split between $350 mn of 3Y notes at 3mL+15 and $500 mn of 5Y ..
Focused

UPS: Multi-Tranche Deal to Fund Pension and Refi

Worth Watching: 09 Nov 2017, 3:51 PM ET - UPS (A1/A+) is in the market today with a multi-tranche bond offering that includes a mix of floating rate and fixed rate notes. The new US bond deal comes a day after UPS issued €700 mn of 2023 (0.375%) and €500 mn of 2032 (1.5%) notes. UPS is ..

Upcoming NY IG & HY Conferences

Announcement: 29 Nov 2016, 8:54 PM ET - Join us in New York on Tuesday, December 13, 2016 for our upcoming conferences.
Focused

UPS 3Q16: US Consumer Spending a Bright Spot

Earnings Note: 29 Oct 2016, 11:09 AM ET - UPS’ solid growth in B2C provided further affirmation that US consumer spending continues to remain a bright spot in the US economy. The company continues to reinvest in its business and recently placed an order for 14 747-8F aircraft.  

Sector Update: June 2016 - US Industrials

Sector Weightings: 13 Jul 2016, 4:06 AM ET - Our Sector Update provides  June monthly performance data and updated recommendations for the Industrial sectors. 

XPO Logistics: Constructive Outlook; Initiate O/P

Company Spotlight: 19 Apr 2016, 12:04 AM ET - Given a constructive outlook, we initiate coverage with an Outperform on the short-dated XPO and CNW bonds, Outperform on the longer-dated XPO bonds, and Market perform on the CNW 2034s.

FedEx: €3 billion TNT Financing

Company Analysis: 04 Apr 2016, 2:53 PM ET - CreditSights remains comfortable with FDX exposure as long as buybacks cool, debt reduction ensues, and this higher-than-expected year-to-date debt issuance turns out to be opportunistic financing to pad the balance sheet.

FedEx: $750 mm 10-year and $1.25 bn 30-year Notes

Worth Watching: 21 Mar 2016, 8:43 PM ET - FedEx - FedEx (Baa1/BBB+) priced $750 million 10-year and $1.25 billion 30-year notes at T+135 bp and T+185 bp respectively.  This represents a 25 bp and 20 bp tightening from initial price talk.  A portion of proceeds will be used to redeem tw ..

Canadian National 4Q15: Still The Margin Leader

Worth Watching: 26 Jan 2016, 10:00 PM ET

Freight/Rail/Logistics: 2016 Outlook

Sector Outlook: 05 Jan 2016, 11:26 PM ET - The freight/rail/logistics group is likely to Underperform.  Expect FRL leverage to increase.  Rail pricing power remains intact, but volume is more likely to surprise to the downside than upside.

FedEx F2Q16: Shakes Off The Industrial Slowdown

Earnings Note: 17 Dec 2015, 9:16 PM ET - FDX had a solid F2Q16 as volume, price, and margin improvement drove an 11% adjusted EBITDA gain, despite the slower industrial economy.
Focused

UPS 3Q15: Definite Softness in Manufacturing

Earnings Note: 27 Oct 2015, 11:08 PM ET - UPS affirmed the high-end of 2015 full-year diluted earnings per share $5.05 to $5.30 guidance, but UPS reported seeing business-to-business activity fading “a little bit” in 3Q15 and definite softness in the manufacturing sectors.

Company Comments on China in 2Q Earnings

Strategy Analysis: 08 Sep 2015, 8:13 PM ET - This piece collates companies' comments and data points on operating conditions in China that were provided in their latest earnings. 

July 2015 Sector Update: Industrials

Sector Weightings: 06 Aug 2015, 1:34 PM ET - Our July sector overview provides the latest monthly performance data for the Industrials sectors.  Additionally, this month features a discussion of the sector level impacts of rising interest rates.

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