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BASIC INDUSTRIES: Week in Review

BASIC INDUSTRIES
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  • Spreads performed in-line with the market at -2.2bp for the week. VRLAFP widened on supply. MTXGR earnings drove outperformance.
  • MTU Aero Engines put in a 12% EBIT beat following the recent guidance upgrade. Norsk Hydro, Wabtec, Assa Abloy, RTX and Amphenol also beat.
  • Akzo Nobel posted a small miss and increased leverage guidance, flagging automotive weakness.
  • Sales updates from Safran, Holcim, Thales, Air Liquide and Anglo American and earnings from Carrier Global, Metso, Stora Enso, Alfa Laval, Atlas Copco, 3M, GE Aerospace and Sika were uneventful. Sandvik posted a small miss.
  • Givaudan was moved to outlook stable from negative by S&P, following a strong 3Q.
  • Verallia priced an 8Y deal with a 10bp NIC by our estimation.

  • As a first-time issuer, we took a close look at Kingspan; with hindsight we were a little harsh comparing more to cement than other building material names.

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  • Spreads performed in-line with the market at -2.2bp for the week. VRLAFP widened on supply. MTXGR earnings drove outperformance.
  • MTU Aero Engines put in a 12% EBIT beat following the recent guidance upgrade. Norsk Hydro, Wabtec, Assa Abloy, RTX and Amphenol also beat.
  • Akzo Nobel posted a small miss and increased leverage guidance, flagging automotive weakness.
  • Sales updates from Safran, Holcim, Thales, Air Liquide and Anglo American and earnings from Carrier Global, Metso, Stora Enso, Alfa Laval, Atlas Copco, 3M, GE Aerospace and Sika were uneventful. Sandvik posted a small miss.
  • Givaudan was moved to outlook stable from negative by S&P, following a strong 3Q.
  • Verallia priced an 8Y deal with a 10bp NIC by our estimation.

  • As a first-time issuer, we took a close look at Kingspan; with hindsight we were a little harsh comparing more to cement than other building material names.