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US Industrials: Macro Data Points

Sector Analysis: 12 Jun 2018, 1:59 AM ET - In this report, we tied the positive tone from Industrial management teams to select economic data points.

Parker: 3Q18 | Shifting to Market perform

Earnings Note: 26 Apr 2018, 9:13 PM ET - PH’s earnings were strong, but with the equity now under pressure and debt reduction plans nearing completion we anticipate a capital allocation change soon. We take our Outperform on the credit to a Market perform.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

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.

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

Waste Management: Strong Volume

Earnings Note: 15 Feb 2018, 3:32 PM ET - WM reported strong volume trends of +2.1% in FY17. Underlying business fundamentals are solid with strong free cash flow generation and the continued capital allocation policies of pursuing M&A along with balanced shareholder rewards

CNHI 4Q17: Supportive Positive Trends

Earnings Note: 31 Jan 2018, 9:11 AM ET - CNHI reported results highlighting positive trends in end-market demand which contributed to better operating performance. Credit metrics continue to strengthen at the Capital Goods bellwether and we maintain our O/P on CNHI bonds.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.

CNH Industrial: Issuing New 10Y US$ Bonds

Worth Watching: 09 Nov 2017, 1:23 PM ET - CNH Industrial is issuing new 10-year US dollar bonds out of the CNH Industrial N.V. (parent) entity. CNH Industrial has one other US$ bond outstanding at the parent level, the 4.5% 8/2023 bond (Ba2/BBB -/BBB-), which trades at a spread of G+12 ..
Focused

Waste Management: In the Market

IG Note: 30 Oct 2017, 10:58 AM ET - WM is in the market with a $750 mn 10-year offering following strong 3Q17 earnings last week. 
Focused

Waste Management: Printing Cash

Earnings Note: 27 Oct 2017, 8:58 AM ET - WM continues to benefit from strong pricing trends and aggregate volume growth across business lines.  Strong results led to a ~+$200 mn upward free cash flow guidance for FY17 and the baseline  free cash flow forecast.

Caterpillar: 3Q17 | Knocks the Cover off the Ball

Earnings Note: 24 Oct 2017, 8:11 PM ET - Caterpillar’s earning trajectory has been on a favorable trend line in 2017 and the trend continued into the third quarter with a set of strong results. The quarter did not change our view of the credit and we remain at a Market perform.

Multi-Industrials: 2Q Review, Event Risk & More

Sector Analysis: 21 Aug 2017, 10:17 PM ET - In this report we broadly review earnings trends for nearly two dozen industrial credits, discuss companies with elevated event risk and also highlight new issuance candidates.

Rental Cases: URI M&A Stays Hot, H&E Misses

Sector Analysis: 17 Aug 2017, 12:01 PM ET - Rentals activity stays hot as favorable secular trends, consolidation of a fragmented industry, and a waiting game for tax reform and infrastructure details remains the order of the day. URI stays true to its history of M&A focus.
Focused

Waste Management: Steady Business

Earnings Note: 27 Jul 2017, 2:12 PM ET - WM reported another solid quarter on strong volume growth and realized its highest ever operating ebitda in the company’s history. FY17 cash flow guidance was reiterated but guided toward the top end.   

CAT: 2Q17 | Starting to Fly; Moving to M/P

Earnings Note: 25 Jul 2017, 9:19 PM ET - Caterpillar delivered another round of strong results. With end-markets starting to turn, results gaining traction, and balance sheet options on the mend, we move from an Underperform to a Market perform on the credit.

US IG Sector Recs: A Very "In Line" April

Sector Weightings: 09 May 2017, 5:22 AM ET - After a weak March the IG index returned to positive territory, but most sectors reported excess return within +/- 5bp of the overall index. We discuss performance and update our sector recommendations. 

US IG Sector Slide Pack: April 2017

Sector Weightings: 08 May 2017, 11:18 PM ET - Our US IG Sector Slide Pack: April 2017 includes spread, return and attribution data for many of the Level 3 and Level 4 sectors of the BAML Index.  We look at both monthly and year-to-date performance. 
Focused

Waste Management: Waiting for M&A

Earnings Note: 26 Apr 2017, 2:10 PM ET - WM reported a solid 1Q17 as the industry bellwether continues to benefit across its businesses from a strong housing (C&D) and industrial markets.

Sector Update March 2017 - US Industrials

Sector Weightings: 10 Apr 2017, 8:20 PM ET - The Industrials sector largely matched the widening seen in the IG Corp ate index, though significantly underperformed on an excess return basis. We continue to hold a largely negative view on the sector entering 2Q17.

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