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UPM-Kymmene

UPM is a global paper and forest products company, operating through the following segments: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Paper Asia, UPM Paper ENA, UPM Plywood. Through its segments, the company provides hardwood and softwood pulp for tissue, specialty and graphic paper producers; wood-based renewable energy for fuel distributors and oil/petrochemicals industries. The company is also involved in the generation of electricity through hydro, nuclear, and power plants in the Nordic market. Lastly, UPM provides wood products for various manufacturing industries. The company was founded in 1995 and is headquartered in Helsinki, Finland. (10 Dec 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

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. 

Arauco 3Q18: Good Results, Cautious Approach

Earnings Note: 26 Nov 2018, 8:02 PM ET - Arauco's results were positive as pulp markets remained favorable through the quarter. The upcoming expansion cycle remains a point of focus as the markets begin to show softness. We review results and provide an update on the credit.

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.

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. 
Focused

UPM Kymmene 3Q18: Steady Progress

Earnings Note: 28 Oct 2018, 9:04 AM ET - UPM posted solid results despite some operational issues in its pulp business. There is progress on the Uruguay investment and we review the company's progress as well as our thoughts on the credit. 

Paper Trails: Earnings Season Kickoff, Box Data

Paper Trails: 21 Oct 2018, 8:13 PM ET - Earnings season kicks off in full swing this week. We published our 3Q18 previews last week ahead of reporting by CCK and a pre-announced miss by SEE. Additionally, containerboard data for September came in off trend. 

Crown Holdings: S&P Upgrade, Still M&A Risk Ahead

Worth Watching: 19 Oct 2018, 1:09 PM ET - Crown Holdings (CCK, Ba2/BB+) issuer rating was upgraded to BB+ from BB by S&P ratings. Additionally, CCK's senior secured rating was upgraded to BBB- from BB+. According to S&P, the upgrade reflects the company's integration of Signode and its ..

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: North American 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 5:17 AM ET - We present our North American 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. 

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. 

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. 

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. 

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