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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.

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. 
Focused

Martin Marietta vs Vulcan: Peer Comp & RV Reset

Company Analysis: 21 May 2018, 5:55 AM ET - We re calibrate our RelVal views on Vulcan Materials and Martin Marietta after a detailed, updated peer comparison. 

Masco vs Owens Corning: Peer Comp and RelVal Reset

Company Analysis: 21 May 2018, 5:54 AM ET - We recalibrate our RelVal views on Masco and Owens Corning after a detailed, updated peer comparison. 

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.
Focused

Vulcan & Martin Marietta: Fundamentals vs M&A

Company Analysis: 27 Feb 2018, 4:46 AM ET - We are rolling our Market perform Recommendation on Vulcan Materials and our Underperform stance on Martin Marietta, after a detailed peer comparison on their 2017 financials and 2018 outlooks. 

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
Focused

Vulcan: New Issue: $300 mn FRN, $350 mn 30 Yr

IG Note: 20 Feb 2018, 12:36 PM ET - Vulcan Materials is in the market today with a $350 mn thirty-year 144a / Reg-S bond issue and a $300 mn 3 yr FRN. 

2018 Outlook: European IG Building Materials

Sector Outlook: 05 Feb 2018, 10:22 PM ET - In this piece, the third of our Global Building Materials & Construction series, we review our outlook for the European Construction Aggregates sub-sector of the BAML High Grade Index. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

US Constructn Outlook: Kingdom for an (Infra) Bill

Sector Outlook: 23 Jan 2018, 9:56 PM ET - In the second of our Global Building Materials and Construction Outlook series, we examine the prospects for the US Construction Market in 2018 after a year that promised much but delivered somewhat less.

2017 Euro Conference: Buildng Materials Transcript

Transcript: 12 Dec 2017, 4:04 PM ET - In this presentation to our Annual Conference last week, we outlined our preliminary thoughts on the Outlook for the European IG Building Materials sector in 2018.

MLM: New Issue: $1.4 bn Bond (2yr FRN, 10/30 Fxd)

IG Note: 06 Dec 2017, 11:35 AM ET - Martin Marietta is in the market with a $1.4 bn issue of FRNs and 10 / 30 year fixed rate notes.
Focused

Vulcan & M Marietta Peer Comp: Hurricanes Bite

Company Spotlight: 12 Nov 2017, 9:33 PM ET - We discuss VMC and MLM's trading performance in the year to date, financials profile and relative value propositions. 

Boral Ltd – Coverage Initiation on New USD Issue

Company Spotlight: 24 Oct 2017, 9:38 AM ET - Boral Ltd (Baa2/BBB), an Australian-domiciled building materials credit, is in the market with a debut US$ bond issue. We like the name and advise using the new transaction to gain exposure given the deal's initial price talk.

US IG Strategy Basic Industries: After the Storms

Sector Weightings: 14 Sep 2017, 4:44 AM ET - We present a review of Basic Industries returns, as well as some commentary around the impact of Harvey and Irma. 
Focused

Vulcan Matls vs Martin Marietta: Mid-Yr Peer Comp

Company Analysis: 30 Aug 2017, 9:50 AM ET - 2017 has been a mixed year thus far for our heavy-side US construction aggregates credits. 

Sherwin Williams: Disappointing 2Q17 Post-Valspar

Earnings Note: 25 Jul 2017, 3:43 PM ET - This was an underwhelming 1st quarter post-Valspar, with a headline profit miss, margin dilution, sharply downgraded FY17 guidance and the expected rise in leverage. 

IG Basic Industries: Mid-Year Review

Sector Weightings: 14 Jul 2017, 5:30 AM ET - We review 1H17 performance for Basics compared to our outlooks, and then set the course for the remainder of the year, including some key themes and sector picks.

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