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Industrials: Week in Review

CAPITAL GOODS
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  • The Anglo American / BHP story rumbles on, Anglo appear determined to fend BHP off having rejected them for a second time and accelerated their strategy update. Deal probability feels like its slipped, but spreads are unmoved.
  • Brenntag spreads underperformed a little following a miss for 1Q and FY guided lower. Siemens results were a non-event.
  • Deere also lowered guidance, with difficult conditions in the sector confirmed. Something to keep an eye on for lower rated CNH Industrial.
  • Primary saw deals for Illinois Tool Works, Eaton, Timken with thin NICs once again.
  • Westlake saw its 29s underperform (+15bp) on seemingly no news; $ bonds appear to be +5.
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  • The Anglo American / BHP story rumbles on, Anglo appear determined to fend BHP off having rejected them for a second time and accelerated their strategy update. Deal probability feels like its slipped, but spreads are unmoved.
  • Brenntag spreads underperformed a little following a miss for 1Q and FY guided lower. Siemens results were a non-event.
  • Deere also lowered guidance, with difficult conditions in the sector confirmed. Something to keep an eye on for lower rated CNH Industrial.
  • Primary saw deals for Illinois Tool Works, Eaton, Timken with thin NICs once again.
  • Westlake saw its 29s underperform (+15bp) on seemingly no news; $ bonds appear to be +5.