Professional Documents
Culture Documents
01 December 2011
Yilma Abebe
AC
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Ryan P. Dean
(1-212) 270-9566
ryan.p.dean@jpmorgan.com
J.P. Morgan Securities LLC
Weekly Movers
Price
23-Nov-11
Week/Week
Change
YTW
STW
YTW Date
99.25
97.50
1.75
10.07%
966bp
1-Aug-14
104.50
103.00
1.50
8.40%
815bp
1-Nov-13
96.00
95.00
1.00
7.94%
673bp
1-Apr-18
15-Jun-13
100.53
100.02
0.51
5.93%
574bp
15-Jun-13
8.125%
15-Mar-18
104.50
104.00
0.50
6.89%
612bp
15-Mar-16
8.500%
1-Nov-20
102.00
101.50
0.50
8.11%
678bp
1-Nov-18
Masonite Corp.
8.250%
15-Apr-21
93.75
93.25
0.50
9.26%
740bp
15-Apr-21
8.750%
1-Sep-20
106.00
105.50
0.50
7.59%
629bp
1-Sep-18
Triumph Group
8.000%
15-Nov-17
106.50
106.00
0.50
6.12%
543bp
15-Nov-15
AS Americas
10.750%
15-Jan-16
67.00
70.00
(3.00)
23.71%
2,298bp
15-Jan-16
General Cable
7.125%
1-Apr-17
99.25
102.00
(2.75)
7.29%
630bp
1-Apr-17
Thermadyne Holdings
9.000%
15-Dec-17
100.00
102.00
(2.00)
9.00%
806bp
15-Dec-16
Building Materials
6.875%
15-Aug-18
100.00
101.75
(1.75)
6.87%
601bp
15-Aug-16
Texas Industries
9.250%
15-Aug-20
82.25
84.00
(1.75)
12.67%
1,095bp
15-Aug-20
12.000%
1-Nov-14
90.50
92.00
(1.50)
13.94%
1,348bp
1-Nov-14
Bombardier
6.125%
15-May-21
93.50
95.00
(1.50)
7.08%
484bp
15-May-21
Bombardier
7.750%
15-Mar-20
107.00
108.50
(1.50)
6.64%
500bp
15-Mar-20
Columbus McKinnon
7.875%
1-Feb-19
101.00
102.50
(1.50)
7.63%
667bp
1-Feb-17
Coupon
Maturity
USG
9.750%
1-Aug-14
Allison Transmission
11.000%
1-Nov-15
Griffon Corporation
7.125%
1-Apr-18
Vulcan Materials
6.300%
AMSTED Industries
Manitowoc
Issuer
30-Nov-11
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Industrials
Sector recommendation: Neutral
Aerospace and Defense.......Underweight
Manufacturing..........................Neutral
We are maintaining our Neutral recommendation on the Industrials sector.
While it is difficult to generalize this sector, earnings are highly correlated to
economic activity and we think credit quality for most companies in our universe
will remain unchanged or modestly improve in 2012 in a ~3% global GDP growth
(JPMs forecast) environment. However, we think yields already reflect improving
credit fundamentals, stabilizing end market demand, and earnings growth
expectations and feel the appropriate weighting is a Neutral. We do not think current
valuations leave much room for error considering the range of macro risks (for
example global growth, sovereign fiscal concerns, weak housing data) to warrant an
Overweight rating.
2006
2007
2008
2009
2010
2011E
2012E
2013E
2014E
2015E
Boeing
290
398
441
375
481
462
488
603
662
739
766
Airbus
378
434
453
483
498
510
538
589
624
633
658
E190/5
CSeries
Subtotal
12
0
12
43
0
43
78
0
78
92
0
92
82
0
82
75
0
75
92
0
92
99
0
99
100
1
101
90
30
120
85
50
135
Total
680
875
972
950
1,061
1,047
1,118
1,291
1,387
1,492
1,559
Other
Source: Company reports and estimates by J.P. Morgan Equity Research Senior Analyst Joe Nadol.
The business jet market will likely remain at low levels next year. Historically,
demand for business jets has lagged overall corporate profit growth by about two
years. In the current downturn, even though corporate profitability has recovered,
business jet manufacturers have tempered their outlooks for 2012. Honeywells 2011
2
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
delivery forecast of 600-650 new business jets is ~15% below the 732 business jets
delivered in 2010. In 2012, Honeywell forecasts deliveries to be slightly above 2010
levels but still below 700. In 2011 large business jet manufacturers have fared better
than the small/medium business jet manufacturers and we expect similar relative
performance in 2012.
We expect budget reduction efforts to pressure profitability in the defense
sector. We also expect headline risk to be above average especially news flow
related to the Budget Control Act of 2011. For most of 2012, we expect uncertainty
on how this Act will impact defense programs. When investing in this sector, we
think it is key to focus on companies that are on diverse platforms and not dependent
on any one large program. Additionally, we expect increased M&A activity as
defense contractors seek revenue/profitability growth in an environment of a
declining defense budget.
Manufacturing
We are reiterating our Neutral recommendation. Credit fundamentals of
manufacturing companies should modestly improve in the 2012 with expected ~3%
global GDP growth. We expect credit profiles to remain stable in 2012, primarily
due to healthy backlogs, strong free cash flow generation, and right-sized cost
structures. We continue to favor companies that have exposure to agriculture,
mining, and energy end markets. On the other hand, credits that have significant end
market exposure to non-residential and residential construction could face earnings
headwinds.
Macroeconomic indicators are stabilizing. Earnings in the Manufacturing sector
are highly correlated to economic activity. J.P. Morgan economists are forecasting
1.8% growth for U.S. GDP in 2012. In October the U.S. Capacity Utilization rate
improved to 77.8%, still below its long-term average of ~80.5% but up 210bp y/y.
Trends in the ISM index have been mixed with the November reading at 52.7 down
5.5 points y/y. While it is difficult to generalize our manufacturing sector, most
management teams are cautiously optimistic on the outlook for 2012 and have openly
discussed on 3Q11 earnings calls the disconnect between current order rates and
recessionary fears reported in the press.
q/q, %saar
Real GDP (U.S.)
1Q11
0.4%
2Q11
1.3%
3Q11
2.0%
Quarterly
4Q11E
1Q12E
3.0%
0.5%
2Q12E
1.5%
3Q12E
2.5%
4Q12E
2.5%
Annual
FY2012E
1.8%
60.0
Expanding
50.0
80.0%
77.0%
40.0
74.0%
30.0
71.0%
68.0%
10.0
65.0%
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
0.0
Jan-09
Mar-09
May-09
Jul-09
Sep-09
Nov-09
Jan-10
Mar-10
May-10
Jul-10
Sep-10
Nov-10
Jan-11
Mar-11
May-11
Jul-11
Sep-11
20.0
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Rating
Ba3/B+
Ba3/BBBa2/BB+
Ba3/BB-
Coupon
7.125%
6.875%
7.25%
6.75%
Maturity
2021
2020
2018
2020
Price
98.50
102.50
104.00
103.50
YTW
7.35%
6.41%
6.19%
6.13%
STW
546bp
495bp
543bp
459bp
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Actual
Full year
FYE-2007
Actual
Full year
FYE-2008
Actual
Full year
FYE-2009
Pro forma
Full year
FYE-2010
Estimated
Full year
FYE-2011
Estimated
Full year
FYE-2012
Estimated
Full year
FYE-2013
Actual
LTM
30-Sep-11
Net sales
y/y growth
$5,692
$6,189
8.7%
$6,292
1.7%
$6,723
6.8%
$6,583
-2.1%
$6,555
-0.4%
$6,592
0.6%
$6,576
Cost of sales
Gross profit
Gross margin
$4,604
$1,088
19.1%
$5,489
$700
11.3%
$5,442
$850
13.5%
$5,812
$911
13.6%
$5,596
$987
15.0%
$5,539
$1,016
15.5%
$5,550
$1,042
15.8%
$5,525
$1,051
16.0%
$641
$564
$639
$663
$604
$599
$591
$661
($23)
$55
$0
($62)
$0
$0
$6
$0
$0
$263
$16
$0
$0
$0
$0
$0
$0
($54)
$0
$0
$171
$0
$1
$0
$0
$30
($17)
$0
$0
$113
($2)
$7
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
($2)
$7
$593
10.4%
$589
9.5%
$515
8.2%
$562
8.4%
$581
8.8%
$614
9.4%
$648
9.8%
$573
8.7%
$170
$174
$186
$183
$197
$197
$198
$178
Adjusted EBIT
EBIT margin
$423
7.4%
$415
6.7%
$329
5.2%
$379
5.6%
$384
5.8%
$417
6.4%
$450
6.8%
$395
6.0%
Adjusted EBITDA
EBITDA Margin
$42
$40
$35
$120
$103
$114
$114
$165
Adjusted EBT
Income tax provision
$381
$133
$375
$131
$294
$103
$259
$91
$281
$98
$303
$106
$336
$118
$230
$81
$248
$244
$191
$168
$183
$197
$219
$150
Capital Expenditures
$246
$218
$181
$191
$197
$180
$181
$214
$593
($42)
($133)
$188
$0
($58)
$548
$589
($40)
($131)
$68
$0
($114)
$372
$515
($35)
($103)
($387)
$0
($201)
($211)
$562
($120)
($91)
($75)
$0
$0
$276
$581
($103)
($98)
($75)
($90)
($10)
$205
$614
($114)
($106)
($50)
($90)
($90)
$164
$648
($114)
($118)
($50)
($90)
($10)
$266
-Capital Expenditures
Free cash flow
($246)
$302
($218)
$154
($181)
($392)
($191)
$85
($197)
$8
($180)
($17)
($181)
$85
107%
54%
-138%
5%
0%
-1%
5%
FCF/Total Debt
Source: J.P. Morgan and Company Reports
* AMSEC is a subsidiary of Huntington Ingalls that provides fleet and miantenance services.
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Actual
Full year
FYE-2008
$0
$0
$283
$0
$0
$283
Credit Statistics
Adj. EBITDA
Interest expense, net
$593
$42
14.1x
8.3x
0.0x
0.5x
0.5x
Actual
Full year
FYE-2009
Pro forma
Full year
FYE-2010
Estimated
Full year
FYE-2011
$0
$0
$283
$300
$575
$1,881
$536
$560
$1,865
$519
$560
$1,865
$519
$475
$1,780
$536
$561
$1,866
$589
$40
$515
$35
$562
$120
$581
$103
$614
$114
$648
$114
$573
$165
14.7x
9.3x
0.0x
0.5x
0.5x
14.3x
9.3x
0.0x
0.5x
0.5x
4.7x
3.1x
1.0x
3.3x
2.8x
5.7x
3.7x
1.0x
3.2x
2.3x
Estimated
Full year
FYE-2012
5.4x
3.8x
0.9x
3.0x
2.2x
Estimated
Full year
FYE-2013
5.7x
4.1x
0.7x
2.7x
1.9x
CAPITALIZATION
LIQUIDITY
JPM Est.
30-Sep-11
$536
% total
$0
$561
$561
0%
19%
19%
$600
$600
$84
$21
$1,866
20%
20%
3%
1%
62%
Shareholders' Equity
$1,155
38%
Total capitalization
$3,021
100%
($ mn)
($ mn)
JPM Est.
30-Sep-11
$536
$650
$0
($121)
$529
($29)
$1,036
MARKET VALUATION
($ mn)
Share price
Number of shares ($ mn)
Market value of equity
Enterprise value
($ mn)
2011
2012
2013
2014
Thereafter
Source: J.P. Morgan and Company Reports
5.0x
5.0x
Debt/enterprise value
Debt/total capitalization
65%
62%
Actual
30-Sep-11
$28.8
$28.8
$57.5
$86.5
$1,664.5
Actual
LTM
30-Sep-11
3.5x
2.2x
1.0x
3.3x
2.3x
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
December 1, 2011
Coupon
Description
Rec
Ratings
Amount
Moody's
Out.
Equity
Maturity
S&P
($ mn)
Bid
Ytw
Spread
Recent Quotes
Date
Price
LTM
Debt/
Sr. Sec./
Net Debt/
EBITDA/
Total Debt/
TEV/
Mkt
EBITDA
EBITDA
EBITDA
LTM EBITDA
Int. Exp
TEV
LTM EBITDA
Cap
Sr Sub Nts
Hold
1-Apr-16
Ba3/BB-
$400.0
101.75
5.93%
560bp
1-Apr-14
1-Apr-12
102.25
$634
2.5x
0.6x
1.8x
6.6x
50%
5.0x
$1,988.1
6.875%
Sr Sub Nts
Hold
15-Sep-20
Ba3/BB-
$350.0
101.50
6.59%
525bp
15-Sep-18
15-Sep-15
103.44
$634
2.5x
0.6x
1.8x
6.6x
50%
5.0x
$1,988.1
8.500%
Sr Nts
Hold
1-Jul-18
Ba2/BB
$600.0
108.00
5.72%
553bp
1-Jul-13
1-Jul-13
104.25
$459
2.7x
0.0x
2.3x
4.0x
25%
10.8x
$3,896.3
6.875%
Sr Nts
Hold
1-Oct-20
Ba2/BB
$650.0
107.00
5.62%
471bp
1-Oct-16
1-Oct-15
103.44
$459
2.7x
0.0x
2.3x
4.0x
25%
10.8x
$3,896.3
6.750%
Sr Nts
NR
1-May-12
Ba2/BB+
$151.1
100.75
4.83%
480bp
1-May-12
nc
nc
$1,518
3.3x
0.0x
1.2x
2.1x
54%
6.1x
$7,453.6
6.300%
Sr Nts
NR
1-May-14
Ba2/BB+
$162.0
104.75
4.20%
386bp
1-May-14
nc
nc
$1,518
3.3x
0.0x
1.2x
2.1x
54%
6.1x
$7,453.6
7.250%
Sr Nts
NR
15-Nov-16
Ba2/BB+
$785.0
103.00
6.12%
561bp
15-Nov-14
15-Nov-12
102.42
$1,518
3.3x
0.0x
1.2x
2.1x
54%
6.1x
$7,453.6
7.500%
Sr Nts
NR
15-Mar-18
Ba2/BB+
$650.0
106.25
6.28%
505bp
15-Mar-18
nc
nc
$1,518
3.3x
0.0x
1.2x
2.1x
54%
6.1x
$7,453.6
7.750%
Sr Nts
NR
15-Mar-20
Ba2/BB+
$850.0
107.00
6.63%
496bp
15-Mar-20
nc
nc
$1,518
3.3x
0.0x
1.2x
2.1x
54%
6.1x
$7,453.6
6.125%
Sr Nts
NR
15-May-21
Ba2/BB+
$780.0
94.00
7.00%
485bp
15-May-21
nc
nc
$1,518
3.3x
0.0x
1.2x
2.1x
54%
6.1x
$7,453.6
7.450%
Sr Nts
NR
1-May-34
Ba2/BB+
$250.0
98.75
7.57%
490bp
1-May-34
nc
nc
$1,518
3.3x
0.0x
1.2x
2.1x
54%
6.1x
$7,453.6
Sr Nts
NR
15-Nov-17
Caa1/B-
$250.0
73.00
15.94%
1479bp
15-Nov-17
15-Nov-13
104.38
$23
nm
nm
nm
nm
na
na
na
Sr Nts
NR
1-Jul-17
B2/B-
$455.0
87.00
13.79%
1272bp
1-Jul-17
1-Jul-14
105.19
$220
4.7x
2.6x
4.4x
3.0x
na
na
na
BE Aerospace (BEAV)
Bombardier (BOMB)
Sr Nts
Hold
1-Mar-17
Ba3/BB
$173.7
102.00
5.93%
540bp
1-Mar-15
1-Mar-12
103.31
$343
2.9x
0.7x
2.6x
8.1x
37%
7.8x
$1,776.5
7.000%
Sr Nts
NR
1-Aug-20
Ba3/BB
$250.0
103.50
6.34%
503bp
1-Aug-18
1-Aug-15
103.50
$343
2.9x
0.7x
2.6x
8.1x
37%
7.8x
$1,776.5
Sr Nts
Hold
1-Apr-15
Ca/CCC-
$182.9
25.00
67.74%
6718bp
1-Apr-15
1-Apr-12
102.13
$96
nm
nm
nm
nm
na
na
na
9.750%
Sr Sub Nts
Hold
1-Apr-17
Ca/CCC-
$145.1
15.50
75.93%
7491bp
1-Apr-17
1-Apr-12
104.88
$96
nm
nm
nm
nm
na
na
na
8.875%
Sr Toggle Nts
Hold
1-Apr-15
Ca/CCC-
$302.6
25.00
68.73%
6817bp
1-Apr-15
1-Apr-12
102.22
$96
nm
nm
nm
nm
na
na
na
Sr Sub Nts
Hold
1-Feb-15
B1/BB+
$75.0
101.38
4.96%
498bp
1-Feb-12
1-Feb-12
101.13
$199
1.7x
1.3x
1.1x
8.6x
12%
13.8x
$2,527.5
6.875%
Sr Nts
Buy
15-Mar-18
Ba3/B+
$600.0
98.00
7.27%
605bp
15-Mar-18
15-Mar-15
103.44
$570
3.3x
1.0x
2.6x
3.9x
64%
5.1x
$1,425.0
7.125%
Sr Nts
Buy
15-Mar-21
Ba3/B+
$600.0
98.00
7.42%
553bp
15-Mar-21
15-Mar-16
103.56
$570
3.3x
1.0x
2.6x
3.9x
64%
5.1x
$1,425.0
Hold
15-Oct-15
Ba1/BB+
$1,000.0
102.13
5.04%
494bp
15-Oct-12
15-Oct-12
101.06
$2,191
1.9x
0.0x
1.6x
8.2x
38%
5.5x
$7,217.5
Sr Nts
NR
15-Apr-18
Ba2/BB+
$200.0
102.50
6.58%
578bp
15-Apr-16
15-Apr-14
103.63
$262
0.8x
0.0x
0.5x
16.9x
13%
5.7x
$1,360.6
6.250%
Sr Sub Nts
NR
15-Jan-15
Ba3/B+
$187.0
100.50
5.77%
565bp
15-Jan-13
15-Jan-12
101.04
$333
2.2x
1.0x
1.8x
8.9x
30%
7.2x
$1,768.5
7.250%
Sr Sub Nts
NR
15-Jun-18
Ba3/B+
$191.6
101.75
6.79%
596bp
15-Jun-16
15-Jun-13
103.63
$333
2.2x
1.0x
1.8x
8.9x
30%
7.2x
$1,768.5
7.500%
Sr Nts
NR
1-Oct-17
Ba3/BB-
$300.0
106.25
5.66%
498bp
1-Oct-15
1-Oct-13
103.75
$462
2.6x
1.3x
2.3x
6.3x
33%
7.9x
$2,605.7
6.750%
Guar Nts
NR
15-Dec-20
Ba3/BB-
$300.0
102.25
6.35%
495bp
15-Dec-18
15-Dec-15
103.38
$462
2.6x
1.3x
2.3x
6.3x
33%
7.9x
$2,605.7
Sr Sub Nts
Hold
15-Dec-18
B3/B-
$1,600.0
103.00
7.13%
596bp
15-Dec-17
15-Dec-14
103.88
$611
5.1x
2.5x
4.7x
3.1x
42%
12.2x
$4,566.8
8.000%
Sr Sub Nts
NR
15-Nov-17
B1/B+
$175.0
106.50
6.12%
542bp
15-Nov-15
15-Nov-13
104.00
$465
2.7x
1.2x
2.6x
4.9x
31%
8.7x
$2,826.7
8.625%
Sr Nts
NR
15-Jul-18
Ba3/B+
$350.0
109.00
6.33%
571bp
15-Jul-15
15-Jul-14
104.31
$465
2.7x
1.2x
2.6x
4.9x
31%
8.7x
$2,826.7
Sr Sub Nts
NR
1-Apr-18
Caa2/B-
$175.0
96.25
11.34%
1010bp
1-Apr-18
1-Apr-14
105.25
na
na
na
na
na
na
na
na
Hexcel (HXL)
6.750%
Huntington Ingalls (HII)
Sr Sub Nts
Transdigm (TDG)*
7.750%
Triumph Group (TGI)**
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
December 1, 2011
Coupon
Description
Ratings
Amount
Moody's
Out.
Equity
Recent Quotes
LTM
Debt/
Net Debt/
Sr. Sec./
EBITDA/
Total Debt/
TEV/
Mkt
EBITDA
EBITDA
LTM EBITDA
EBITDA
Int. Exp
TEV
LTM EBITDA
Cap
106.09
$80
3.8x
1.9x
2.7x
4.1x
55%
6.9x
$404.6
nc
$158
1.4x
1.2x
0.0x
6.0x
24%
6.0x
$760.9
na
na
na
na
na
na
na
na
Rec
Maturity
S&P
($ mn)
Bid
Ytw
Spread
YTW Date
Date
NR
1-Dec-16
B1/BB-
$210.0
103.75
7.03%
632bp
1-Dec-15
1-Dec-12
NR
15-Dec-20
Ba3/BB
$225.0
101.00
6.72%
489bp
15-Dec-20
nc
NR
1-May-16
B2/B
$185.0
100.00
12.24%
1189bp
1-May-14
1-May-13
Price
Sr Sec Nts
Sr Nts
Cleaver-Brooks (CLEAVB)
12.250%
106.13
Sr Nts
Buy
1-Sep-13
Ba2/BB+
$1,000.0
105.00
4.71%
450bp
1-Sep-13
nc
nc
$1,366
3.2x
nm
1.0x
3.2x
51%
6.1x
$8,455.2
7.250%
Sr Nts
Buy
15-Jan-16
Ba2/BB+
$254.0
106.00
5.59%
485bp
15-Jan-16
nc
nc
$1,366
3.2x
nm
1.0x
3.2x
51%
6.1x
$8,455.2
6.250%
Sr Nts
NR
1-Nov-16
Ba2/BB
$500.0
99.75
6.31%
538bp
1-Nov-16
nc
nc
$1,366
3.2x
nm
1.0x
3.2x
51%
6.1x
$8,455.2
7.875%
Sr Nts
Buy
1-Dec-17
Ba2/BB+
$1,500.0
109.50
5.97%
480bp
1-Dec-17
nc
nc
$1,366
3.2x
nm
1.0x
3.2x
51%
6.1x
$8,455.2
NR
1-Feb-19
B1/B+
$150.0
101.00
7.63%
665bp
1-Feb-17
1-Feb-15
103.94
$34
4.7x
3.3x
0.2x
2.5x
42%
11.0x
$262.1
NR
15-Jul-19
B2/B
$350.0
93.25
10.56%
903bp
15-Jul-19
15-Jul-15
104.63
na
na
na
na
na
na
na
na
Sr Nts
Hold
1-Apr-17
Ba3/B+
$200.0
99.25
7.29%
628bp
1-Apr-17
1-Apr-12
103.56
$342
3.2x
2.0x
0.9x
4.2x
49%
6.5x
$1,541.0
Sr Sub Nts
Hold
1-Dec-15
B2/B+
$204.0
99.25
8.22%
751bp
1-Dec-15
1-Dec-12
101.33
$41
5.1x
2.5x
0.0x
1.7x
47%
10.8x
$337.0
NR
15-Nov-18
B2/BB
$300.0
103.00
6.28%
535bp
15-Nov-16
15-Nov-13
105.25
$102
2.9x
2.2x
0.0x
5.0x
41%
7.2x
$513.1
Sr Nts
Buy
15-Mar-14
B3/B
$198.8
99.75
8.86%
855bp
15-Mar-14
15-Mar-12
100.00
$33
6.3x
4.5x
0.1x
1.9x
na
na
na
7.125%
Sr Nts
Hold
1-Nov-13
B3/B+
$150.0
100.00
7.12%
688bp
1-Nov-13
$328
6.4x
6.1x
2.7x
1.9x
59%
10.8x
$1,529.6
9.500%
Sr Nts
Buy
15-Feb-18
B3/B+
$400.0
103.25
8.55%
780bp
15-Feb-16
15-Feb-14
104.75
$328
6.4x
6.1x
2.7x
1.9x
59%
10.8x
$1,529.6
8.500%
Sr Nts
Buy
1-Nov-20
B3/B+
$600.0
102.00
8.11%
675bp
1-Nov-18
1-Nov-15
104.25
$328
6.4x
6.1x
2.7x
1.9x
59%
10.8x
$1,529.6
Sr Sub Nts
Sr Sub Nts
JB Poindexter (JBPOIN)
8.750%
Manitowoc (MTW)
Sr Sub Nts
NR
1-Jun-17
Caa2/CCC+
$420.0
87.63
10.39%
934bp
1-Jun-17
1-Jun-12
103.69
$106
6.5x
6.1x
0.5x
1.5x
62%
10.4x
$459.0
8.750%
Sr Nts
NR
1-Sep-20
B2/B+
$225.0
106.13
7.57%
624bp
1-Sep-18
1-Sep-15
104.38
$106
6.5x
6.1x
0.5x
1.5x
62%
10.4x
$459.0
8.250%
Sr Nts
NR
1-Mar-17
B2/BB
$250.0
100.75
8.03%
726bp
1-Mar-16
1-Mar-14
104.13
$822
1.4x
1.1x
0.7x
7.5x
42%
3.2x
$1,934.0
8.500%
Sr Nts
NR
1-Mar-20
B2/BB
$250.0
100.50
8.39%
717bp
1-Mar-18
1-Mar-15
104.25
$822
1.4x
1.1x
0.7x
7.5x
42%
3.2x
$1,934.0
Sr Nts
NR
1-Apr-21
B3/CCC+
$250.0
97.50
8.52%
661bp
1-Apr-21
1-Apr-16
104.06
$72
4.9x
4.1x
1.4x
3.0x
74%
6.7x
$186.6
Sr Nts
NR
15-Nov-17
B3/B
$365.0
102.50
6.89%
596bp
15-Nov-16
15-Nov-13
105.63
$225
3.2x
2.8x
1.6x
5.5x
25%
12.7x
$2,238.6
8.500%
Sr Nts
Buy
1-May-18
Caa1/B-
$1,145.0
102.50
7.81%
701bp
1-May-16
1-May-14
104.25
$349
6.4x
5.7x
2.2x
2.0x
na
na
na
11.750%
Sr Sub Nts
Buy
1-Aug-16
Caa2/CCC+
$300.0
104.00
9.98%
958bp
1-Aug-14
1-Aug-12
103.92
$349
6.4x
5.7x
2.2x
2.0x
na
na
na
7.625%
Sr Nts
NR
15-Dec-14
Ba2/BB+
$500.0
107.88
4.80%
431bp
15-Dec-14
nc
nc
$555
2.2x
1.5x
0.0x
6.0x
34%
6.6x
$2,822.3
6.875%
Guar Nts
NR
1-Sep-17
Ba2/BB+
$600.0
105.00
5.83%
473bp
1-Sep-17
nc
nc
$555
2.2x
1.5x
0.0x
6.0x
34%
6.6x
$2,822.3
8.000%
Sr Sub Nts
Hold
15-Nov-17
Caa1/B
$800.0
97.25
8.60%
744bp
15-Nov-17
15-Nov-12
104.00
$101
NM
NM
NM
NM
66%
NM
$1,820.5
10.875%
Sr Nts
Hold
1-Jun-16
B2/BB-
$300.0
111.00
6.54%
636bp
1-Jun-13
1-Jun-13
105.44
$101
NM
NM
NM
NM
66%
NM
$1,820.5
#N/A
NR
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
$704
4.5x
3.8x
2.8x
2.2x
na
na
na
Oshkosh (OSK)
Tomkins (PINFOR)
#N/A
#N/A
TriMas (TRS)
9.750%
NR
15-Dec-17
B2/B-
$250.0
106.50
7.84%
712bp
15-Dec-15
15-Dec-13
104.88
$161
3.0x
2.9x
3.0x
3.3x
43%
7.0x
$651.7
Sr Nts
NR
15-May-17
B3/B
$275.0
101.00
9.23%
788bp
15-May-15
15-May-13
104.75
na
na
na
na
na
na
na
na
Sr Nts
Hold
31-Jul-13
Ba1/BB+
$150.0
103.50
4.65%
444bp
31-Jul-13
nc
$246
1.7x
0.8x
1.1x
23.8x
12%
14.2x
$3,312.4
nc
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
December 1, 2011
Coupon
Ratings
Amount
Moody's
Out.
Description
Rec
Maturity
S&P
($ mn)
Sr Sec Nts
NR
1-Nov-17
B3/B
$730.0
Sr Sub Nts
Hold
1-Dec-15
B2/B+
Sr Sub Nts
NR
15-Nov-18
8.750%
Sr Nts
NR
7.375%
Sr Sub Nts
NR
6.300%
Sr Nts
9.750%
Sr Nts
7.750%
8.375%
Equity
Recent Quotes
Bid
LTM
EBITDA
Debt/
Net Debt/
Sr. Sec./
EBITDA/
Total Debt/
TEV/
Mkt
Int. Exp
TEV
LTM EBITDA
Cap
Ytw
Spread
YTW Date
Date
84.63
12.92%
1177bp
1-Nov-17
1-Nov-13
106.84
$108
7.9x
7.9x
1.6x
1.8x
na
na
na
$204.0
99.25
8.22%
751bp
1-Dec-15
1-Dec-12
101.33
$41
5.6x
5.0x
0.4x
2.2x
42%
13.2x
$334.9
B2/BB
$300.0
103.00
6.28%
535bp
15-Nov-16
15-Nov-13
105.25
$102
2.9x
2.2x
0.0x
5.0x
41%
7.2x
$510.6
1-Sep-20
B2/B+
$225.0
106.13
7.57%
624bp
1-Sep-18
1-Sep-15
104.38
$106
6.5x
6.1x
0.5x
1.5x
62%
10.5x
$459.0
1-Jun-17
Caa2/CCC+
$420.0
87.63
10.39%
934bp
1-Jun-17
nc
nc
$106
6.5x
6.1x
0.5x
1.5x
62%
10.5x
$459.0
NR
15-Nov-16
Caa2/B-
$500.0
75.75
13.12%
1218bp
15-Nov-16
nc
nc
NM
NM
NM
NM
NM
88%
NM
$1,045.5
NR
1-Aug-14
B2/BB-
$300.0
100.00
9.74%
934bp
1-Aug-14
nc
nc
NM
NM
NM
NM
NM
88%
NM
$1,045.5
Sr Nts
NR
15-Jan-18
Caa2/B-
$500.0
81.25
12.18%
1099bp
15-Jan-18
nc
nc
NM
NM
NM
NM
NM
88%
NM
$1,045.5
Sr Nts
NR
15-Oct-18
B2/BB-
$350.0
88.25
10.84%
948bp
15-Oct-18
15-Oct-14
104.19
NM
NM
NM
NM
NM
88%
NM
$1,045.5
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Price
Issuer
Rec rating
Description
Coupon
Maturity
Outstanding
Moody's
S&P
30-Nov-11
YTW
STW
YTW Date
Actuant
NR
Sr Nts
6.875%
15-Jun-17
250
Ba3
BB-
101.00
101.50
(0.50)
6.55%
595bp
15-Jun-15
6.66%
0.02%
ADS Tactical
NR
Sr Sec Nts
11.000%
1-Apr-18
275
B3
97.50
98.50
(1.00)
11.56%
1,035bp
1-Apr-18
11.56%
0.03%
5.05%
NR
11.000%
15-Nov-14
172
Caa3
CCC+
62.50
63.00
(0.50)
31.37%
3,090bp
15-Nov-14
31.37%
0.05%
-19.45%
NR
Sr Nts
10.250%
1-Feb-15
245
Caa2
CCC-
59.50
60.00
(0.50)
31.27%
3,076bp
1-Feb-15
31.27%
0.05%
-11.15%
NR
12.000%
1-Nov-14
320
B2
B-
90.50
92.00
(1.50)
13.94%
1,348bp
1-Nov-14
13.94%
-0.55%
-0.79%
Alliant Techsystems
NR
Sr Sub Nts
6.750%
1-Apr-16
400
Ba3
BB-
101.00
101.75
(0.75)
6.28%
595bp
1-Apr-14
6.48%
-0.71%
3.33%
Alliant Techsystems
NR
Sr Sub Nts
6.875%
15-Sep-20
350
Ba3
BB-
101.50
101.75
(0.25)
6.59%
528bp
15-Sep-18
6.64%
0.26%
4.64%
Allison Transmission
NR
Sr Nts
11.000%
1-Nov-15
438
Caa1
CCC+
104.50
103.00
1.50
8.40%
815bp
1-Nov-13
9.59%
0.51%
4.95%
Allison Transmission
NR
Sr Nts
7.125%
15-May-19
500
Caa1
CCC+
94.00
94.00
8.22%
676bp
15-May-19
8.22%
0.02%
-1.92%
Altra Holdings
NR
Sr Sec Nts
8.125%
1-Dec-16
210
B1
BB-
104.00
103.75
0.25
6.96%
626bp
1-Dec-15
7.16%
0.02%
5.04%
NR
Sr Nts
7.500%
1-Mar-14
275
Caa1
B+
99.75
99.75
7.61%
730bp
1-Mar-14
7.61%
0.27%
4.62%
AMSTED Industries
NR
Sr Nts
8.125%
15-Mar-18
500
B1
BB-
104.50
104.00
0.50
6.89%
612bp
15-Mar-16
7.22%
0.97%
5.30%
Anixter
NR
Sr Nts
5.950%
1-Mar-15
200
Ba2
BB
99.50
99.50
6.12%
558bp
1-Mar-15
6.12%
0.02%
Anixter
NR
Sr Nts
10.000%
15-Mar-14
30
Ba2
BB
113.75
114.00
(0.25)
3.67%
335bp
15-Mar-14
3.67%
0.02%
6.87%
Aquilex Holdings
NR
Sr Nts
11.125%
15-Dec-16
225
48.00
49.00
(1.00)
32.94%
3,201bp
15-Dec-16
32.94%
-1.33%
-42.35%
AS Americas
NR
10.750%
15-Jan-16
188
Caa1
67.00
70.00
(3.00)
23.71%
2,298bp
15-Jan-16
23.71%
-0.66%
-23.65%
Associated Materials
NR
Sr Sec Nts
9.125%
1-Nov-17
730
B3
84.50
85.25
(0.75)
12.95%
1,183bp
1-Nov-17
12.95%
-0.55%
-10.98%
BE Aerospace
Hold
Sr Nts
8.500%
1-Jul-18
600
Ba2
BB
107.00
107.50
(0.50)
6.37%
617bp
1-Jul-13
7.15%
-0.09%
4.77%
BE Aerospace
Hold
Sr Nts
6.875%
1-Oct-20
650
Ba2
BB
106.00
106.25
(0.25)
5.80%
448bp
1-Oct-18
5.99%
0.25%
8.54%
Belden
NR
Sr Sub Nts
9.250%
15-Jun-19
200
Ba2
B+
105.00
105.88
(0.88)
8.11%
707bp
15-Jun-17
8.34%
-0.43%
3.43%
Belden CDT
NR
Sr Sub Nts
7.000%
15-Mar-17
350
Ba2
B+
99.50
100.50
(1.00)
7.11%
612bp
15-Mar-17
7.11%
-0.47%
4.46%
Bombardier
NR
Sr Nts
6.750%
1-May-12
151
Ba2
BB+
100.75
100.75
4.87%
483bp
1-May-12
4.87%
0.02%
2.74%
Bombardier
NR
Sr Nts
6.300%
1-May-14
162
Ba2
BB+
104.75
105.00
(0.25)
4.21%
386bp
1-May-14
4.21%
0.02%
5.91%
Bombardier
NR
Sr Nts
7.250%
15-Nov-16
785
Ba2
BB+
103.00
104.00
(1.00)
6.12%
546bp
15-Nov-14
6.53%
-0.70%
3.84%
Bombardier
NR
Sr Nts
7.450%
1-May-34
250
Ba2
BB+
98.75
99.00
(0.25)
7.57%
497bp
1-May-34
7.57%
0.02%
7.57%
Bombardier
NR
Sr Nts
6.125%
15-May-21
780
Ba2
BB+
93.50
95.00
(1.50)
7.08%
484bp
15-May-21
7.08%
-0.51%
2.37%
Bombardier
NR
Sr Nts
7.750%
15-Mar-20
850
Ba2
BB+
107.00
108.50
(1.50)
6.64%
500bp
15-Mar-20
6.64%
-0.89%
5.72%
Bombardier
NR
Sr Nts
7.500%
15-Mar-18
650
Ba2
BB+
106.25
107.00
(0.75)
6.28%
508bp
15-Mar-18
6.28%
0.02%
5.31%
NR
Sr Nts
6.875%
15-Dec-20
225
Ba3
BB
101.00
101.00
6.72%
493bp
15-Dec-20
6.72%
0.02%
5.13%
Building Materials
NR
Sr Nts
7.500%
15-Mar-20
325
Ba3
BB+
103.75
103.75
6.75%
555bp
15-Mar-18
6.90%
-0.22%
8.47%
Building Materials
NR
Sr Nts
6.875%
15-Aug-18
450
Ba3
BB+
100.00
101.75
(1.75)
6.87%
601bp
15-Aug-16
6.87%
-0.95%
7.13%
Building Materials
NR
7.000%
15-Feb-20
250
Ba1
BB+
103.38
103.25
0.13
6.33%
514bp
15-Feb-18
6.46%
0.14%
6.63%
Building Materials
NR
Sr Nts
6.750%
1-May-21
1,010
Ba3
BB+
99.50
100.13
(0.63)
6.82%
495bp
1-May-21
6.82%
0.02%
4.43%
Case
Buy
Sr Nts
7.250%
15-Jan-16
254
Ba2
BB+
106.00
106.00
5.60%
487bp
15-Jan-16
5.60%
0.02%
4.12%
Buy
Sr Nts
7.875%
1-Dec-17
1,500
Ba2
BB+
108.75
109.00
(0.25)
6.11%
497bp
1-Dec-17
6.11%
0.25%
6.05%
Buy
Sr Nts
7.750%
1-Sep-13
1,000
Ba2
BB+
105.00
105.50
(0.50)
4.73%
451bp
1-Sep-13
4.73%
0.02%
4.12%
Cleaver-Brooks
NR
12.250%
1-May-16
185
B2
99.00
99.00
12.54%
1,175bp
1-May-16
12.54%
0.03%
3.70%
NR
Sr Nts
6.250%
1-Nov-16
500
Ba2
BB
99.75
100.50
(0.75)
6.31%
540bp
1-Nov-16
6.31%
-0.23%
0.24%
Coleman Cable
NR
Sr Nts
9.000%
15-Feb-18
275
B3
99.75
100.00
(0.25)
9.05%
786bp
15-Feb-18
9.05%
-0.22%
4.14%
Colt Defense
NR
Sr Nts
8.750%
15-Nov-17
250
Caa1
B-
73.50
74.50
(1.00)
15.77%
1,464bp
15-Nov-17
15.77%
0.03%
9.91%
Columbus McKinnon
NR
Sr Sub Nts
7.875%
1-Feb-19
150
B1
B+
101.00
102.50
(1.50)
7.63%
667bp
1-Feb-17
7.69%
0.02%
9.31%
Commercial Vehicle
NR
Sr Sec Nts
7.875%
15-Apr-19
250
B2
B-
95.00
96.50
(1.50)
8.81%
737bp
15-Apr-19
8.81%
0.02%
-0.27%
NR
Sr Nts
8.000%
15-Feb-18
215
B3
CCC+
85.00
85.00
11.44%
1,025bp
15-Feb-18
11.44%
0.03%
-8.53%
CPM Holdings
NR
Sr Sec Nts
10.625%
1-Sep-14
200
B2
B+
106.38
106.50
(0.13)
6.69%
647bp
1-Sep-13
7.98%
-0.09%
8.16%
DAE Aviation
NR
Sr Nts
11.250%
1-Aug-15
325
Caa2
CCC
104.00
105.00
(1.00)
8.60%
839bp
1-Aug-13
9.91%
0.03%
9.90%
Ducommun Inc
NR
Sr Nts
9.750%
15-Jul-18
200
B3
B-
103.25
103.25
8.99%
794bp
15-Jul-17
9.08%
0.03%
7.42%
Dynacast International
NR
9.250%
15-Jul-19
350
B2
93.25
93.25
10.56%
907bp
15-Jul-19
10.56%
0.03%
-3.33%
DynCorp
NR
Sr Nts
10.375%
1-Jul-17
455
B2
B-
87.00
88.00
(1.00)
13.78%
1,273bp
1-Jul-17
13.78%
0.03%
-5.92%
Esterline Technologies
Hold
Sr Nts
6.625%
1-Mar-17
174
Ba3
BB
102.00
102.50
(0.50)
5.93%
540bp
1-Mar-15
6.17%
0.02%
6.80%
Esterline Technologies
NR
Sr Nts
7.000%
1-Aug-20
250
Ba3
BB
104.00
105.38
(1.38)
6.25%
497bp
1-Aug-18
6.39%
-0.91%
6.95%
Fleetpride Corp
NR
Sr Nts
11.500%
1-Oct-14
150
B3
B-
102.88
102.88
7.83%
773bp
1-Oct-12
10.29%
0.03%
18.10%
GenCorp
NR
Sr Sub Nts
9.500%
15-Aug-13
75
Ba3
CCC+
100.00
100.00
9.48%
927bp
15-Aug-13
9.48%
0.03%
5.78%
General Cable
Hold
Sr Nts
7.125%
1-Apr-17
200
Ba3
B+
99.25
102.00
(2.75)
7.29%
630bp
1-Apr-17
7.29%
-2.65%
2.60%
Hold
Sr Sub Nts
8.000%
1-Dec-15
204
B2
B+
99.00
99.00
8.30%
760bp
1-Dec-15
8.30%
0.02%
5.44%
Griffon Corporation
NR
Sr Nts
7.125%
1-Apr-18
550
Ba3
BB-
96.00
95.00
1.00
7.94%
673bp
1-Apr-18
7.94%
0.02%
1.05%
Hawker Beechcraft
NR
Sr Nts
8.500%
1-Apr-15
183
Ca
CCC-
25.00
25.00
67.61%
6,706bp
1-Apr-15
67.61%
0.09%
-54.30%
10
4.68%
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Price
Issuer
Rec rating
Description
Coupon
Maturity
Outstanding
Moody's
S&P
30-Nov-11
YTW
STW
YTW Date
Hawker Beechcraft
NR
Sr Sub Nts
9.750%
1-Apr-17
145
Ca
CCC-
15.50
75.89%
7,489bp
1-Apr-17
75.89%
0.16%
-54.62%
Hawker Beechcraft
NR
Sr Toggle Nts
8.875%
1-Apr-15
303
Ca
CCC-
25.00
25.00
68.61%
6,805bp
1-Apr-15
68.61%
0.09%
-54.68%
Hexcel
NR
Sr Sub Nts
6.750%
1-Feb-15
75
B1
BB+
101.38
101.38
5.04%
504bp
1-Feb-12
6.26%
0.02%
5.25%
Hillman Group
NR
Guar Nts
10.875%
1-Jun-18
200
B3
CCC+
101.00
101.00
10.59%
977bp
1-Jun-16
10.66%
0.03%
1.02%
Hillman Group
NR
Sr Nts
10.875%
1-Jun-18
50
B3
CCC+
101.00
101.00
10.59%
977bp
1-Jun-16
10.66%
0.03%
2.43%
Buy
Sr Nts
6.875%
15-Mar-18
600
Ba3
B+
98.00
99.25
(1.25)
7.27%
607bp
15-Mar-18
7.27%
0.02%
2.99%
Buy
Sr Nts
7.125%
15-Mar-21
600
Ba3
B+
98.00
99.25
(1.25)
7.42%
558bp
15-Mar-21
7.42%
0.02%
3.17%
Interface
NR
Sr Nts
7.625%
1-Dec-18
275
B2
BB
103.00
103.50
(0.50)
6.90%
598bp
1-Dec-16
7.07%
0.02%
6.43%
Interline Brands
NR
Sr Sub Nts
7.000%
15-Nov-18
300
B2
BB
103.00
103.25
(0.25)
6.28%
537bp
15-Nov-16
6.46%
0.02%
7.67%
NR
9.750%
15-Apr-15
117
B3
101.50
101.38
0.13
9.14%
869bp
15-Oct-14
9.21%
0.03%
5.49%
J.B. Poindexter
Buy
Sr Nts
8.750%
15-Mar-14
199
B3
98.94
98.88
0.06
9.26%
895bp
15-Mar-14
9.26%
-0.78%
6.45%
Jeld-Wen
NR
12.250%
15-Oct-17
460
B3
B-
102.50
102.75
(0.25)
11.55%
1,065bp
15-Oct-16
11.64%
0.03%
7.28%
JohnsonDiversey Inc
NR
Sr Nts
8.250%
15-Nov-19
260
B3
124.50
124.50
0.57%
10bp
15-Nov-14
4.54%
0.02%
21.43%
JohnsonDiversey Inc
NR
Sr Toggle Nts
10.500%
15-May-20
175
Caa1
B-
136.50
136.50
1.58%
89bp
15-Nov-15
5.12%
0.02%
26.65%
NR
10.000%
1-Jun-17
625
B3
B+
101.25
101.50
(0.25)
9.65%
884bp
1-Jun-16
9.70%
0.03%
-0.37%
L-3 Communications
NR
Sr Sub Nts
6.375%
15-Oct-15
1,000
Ba1
BB+
102.13
102.00
0.13
5.05%
495bp
15-Oct-12
5.75%
0.02%
4.71%
Manitowoc
NR
Sr Nts
7.125%
1-Nov-13
150
B3
B+
100.00
100.00
7.12%
688bp
1-Nov-13
7.12%
0.02%
5.48%
Manitowoc
NR
Sr Nts
8.500%
1-Nov-20
600
B3
B+
102.00
101.50
0.50
8.11%
678bp
1-Nov-18
8.18%
-0.22%
3.22%
Manitowoc
NR
Sr Nts
9.500%
15-Feb-18
400
B3
B+
103.25
103.00
0.25
8.56%
781bp
15-Feb-16
8.80%
0.02%
2.11%
ManTech International
NR
Sr Nts
7.250%
15-Apr-18
200
Ba2
BB+
101.75
103.00
(1.25)
6.78%
599bp
15-Apr-16
6.90%
0.02%
3.62%
Masonite Corp.
NR
Sr Nts
8.250%
15-Apr-21
275
B3
B+
93.75
93.25
0.50
9.26%
740bp
15-Apr-21
9.26%
0.02%
-1.05%
Mohawk Industries
NR
Sr Nts
7.200%
15-Apr-12
336
Ba2
BB+
101.75
101.50
0.25
2.40%
236bp
15-Apr-12
2.40%
0.02%
2.13%
Mohawk Industries
NR
Sr Nts
6.125%
15-Jan-16
900
Ba2
BB+
106.75
107.38
(0.63)
4.32%
359bp
15-Jan-16
4.32%
0.02%
4.60%
Moog
NR
Sr Sub Nts
6.250%
15-Jan-15
187
Ba3
B+
100.50
100.50
5.77%
564bp
15-Jan-13
6.07%
0.02%
4.98%
Moog
NR
Sr Sub Nts
7.250%
15-Jun-18
192
Ba3
B+
101.75
102.25
(0.50)
6.79%
597bp
15-Jun-16
6.91%
0.02%
3.66%
NR
Sr Sub Nts
7.375%
1-Jun-17
420
Caa2
CCC+
87.00
88.00
(1.00)
10.55%
952bp
1-Jun-17
10.55%
0.02%
-2.88%
NR
Sr Nts
8.750%
1-Sep-20
225
B2
B+
106.00
105.50
0.50
7.59%
629bp
1-Sep-18
7.79%
0.25%
3.04%
Navistar International
NR
Sr Nts
8.250%
1-Nov-21
900
B1
BB-
103.00
104.13
(1.13)
7.61%
648bp
1-Nov-17
7.81%
0.02%
2.75%
NR
Sr Nts
11.000%
1-Sep-18
250
Caa2
B-
79.25
80.00
(0.75)
16.15%
1,484bp
1-Sep-18
16.15%
0.04%
-5.80%
Norcraft Companies/Finance
NR
10.500%
15-Dec-15
240
B3
93.50
94.00
(0.50)
12.60%
1,189bp
15-Dec-15
12.60%
0.03%
-3.00%
Nortek
NR
Sr Nts
10.000%
1-Dec-18
250
Caa1
92.50
92.50
11.59%
1,024bp
1-Dec-18
11.59%
-0.77%
-1.59%
Nortek
NR
Sr Nts
8.500%
15-Apr-21
500
Caa1
81.25
81.50
(0.25)
11.86%
1,000bp
15-Apr-21
11.86%
-1.47%
-13.65%
Ormat Funding
NR
8.250%
30-Dec-20
132
NR
NR
92.50
92.50
9.50%
770bp
30-Dec-20
9.50%
0.02%
3.48%
Oshkosh Corporation
NR
Sr Nts
8.250%
1-Mar-17
250
B2
BB
100.50
100.50
8.10%
734bp
1-Mar-16
8.13%
0.02%
-0.67%
Oshkosh Corporation
NR
Sr Nts
8.500%
1-Mar-20
250
B2
BB
100.50
100.50
8.39%
720bp
1-Mar-18
8.41%
0.02%
-1.35%
Park-Ohio Industries
NR
Sr Nts
8.125%
1-Apr-21
250
B3
CCC+
97.00
97.50
(0.50)
8.60%
674bp
1-Apr-21
8.60%
-0.48%
2.30%
Pinafore Inc
NR
9.000%
1-Oct-18
1,035
B1
B+
107.00
7.25%
636bp
1-Oct-16
7.66%
0.37%
6.50%
NR
8.250%
15-Feb-18
800
Caa1
B-
86.00
15-Feb-18
11.46%
-0.54%
-7.39%
NR
Sr Sub Nts
13.125%
15-Jul-14
150
Caa3
CCC
Polypore
NR
Sr Nts
7.500%
15-Nov-17
365
B3
Rexnord
NR
Sr Sub Nts
11.750%
1-Aug-16
300
Caa2
CCC+
Rexnord
NR
Sr Nts
8.500%
1-May-18
1,145
Caa1
NR
8.625%
1-Dec-17
225
Sequa
NR
Sr Nts
11.750%
1-Dec-15
Sequa
NR
Sr Nts
13.500%
Spirit Aerosystems
NR
Guar Nts
Spirit Aerosystems
NR
SPX
#N/A
#N/A
87.13
(1.13)
11.46%
1,027bp
95.00
95.50
(0.50)
15.50%
1,510bp
15-Jul-14
15.50%
-1.44%
0.61%
102.25
102.50
(0.25)
6.95%
604bp
15-Nov-16
7.03%
0.51%
6.87%
103.00
103.00
10.42%
1,001bp
1-Aug-14
10.90%
0.26%
5.73%
B-
101.75
103.00
(1.25)
8.02%
722bp
1-May-16
8.14%
0.27%
2.99%
B3
B+
100.50
100.50
8.50%
757bp
1-Dec-16
8.52%
0.52%
5.12%
500
Caa2
CCC
105.75
105.75
8.53%
841bp
1-Dec-12
9.99%
0.03%
8.72%
1-Dec-15
258
Caa2
CCC
106.75
106.75
9.59%
947bp
1-Dec-12
11.37%
0.04%
9.96%
6.750%
15-Dec-20
300
Ba3
BB-
102.25
102.50
(0.25)
6.35%
498bp
15-Dec-18
6.42%
-0.22%
8.04%
Sr Nts
7.500%
1-Oct-17
300
Ba3
BB-
106.00
106.75
(0.75)
5.73%
506bp
1-Oct-15
6.25%
-0.68%
8.32%
NR
Sr Nts
7.625%
15-Dec-14
500
Ba2
BB+
107.00
107.00
5.11%
462bp
15-Dec-14
5.11%
-0.21%
4.74%
SPX
NR
Guar Nts
6.875%
1-Sep-17
600
Ba1
BB+
104.00
104.00
6.04%
495bp
1-Sep-17
6.04%
0.02%
3.67%
Stanadyne Automotive
NR
Sr Sub Nts
10.000%
15-Aug-14
160
Caa1
CCC
90.50
90.50
14.34%
1,393bp
15-Aug-14
14.34%
0.03%
-1.58%
Stanadyne Automotive
NR
Sr Disc Nts
0.000%/12.000%
15-Feb-15
100
Caa3
CCC-
95.00
95.00
13.97%
1,344bp
15-Feb-15
13.97%
0.03%
11.50%
Terex
NR
Sr Sub Nts
8.000%
15-Nov-17
800
Caa1
96.50
96.50
8.77%
763bp
15-Nov-17
8.77%
-0.49%
2.71%
Terex
NR
Sr Nts
10.875%
1-Jun-16
300
B2
BB-
110.25
110.75
(0.50)
7.05%
687bp
1-Jun-13
8.11%
-0.20%
3.42%
Texas Industries
NR
Sr Nts
9.250%
15-Aug-20
650
Caa2
B-
82.25
84.00
(1.75)
12.67%
1,095bp
15-Aug-20
12.67%
-0.26%
-14.18%
Thermadyne Holdings
NR
9.000%
15-Dec-17
260
B3
B-
100.00
102.00
(2.00)
9.00%
806bp
15-Dec-16
9.00%
-1.86%
4.86%
11
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Price
Issuer
Rec rating
Description
Coupon
Maturity
Outstanding
Moody's
S&P
30-Nov-11
YTW
STW
YTW Date
Thermon Industries
NR
9.500%
1-May-17
139
B1
B+
104.00
104.50
(0.50)
8.39%
760bp
1-May-16
8.56%
0.03%
5.67%
Titan International
NR
7.875%
1-Oct-17
200
B1
B+
103.88
104.00
(0.13)
6.91%
602bp
1-Oct-16
7.05%
0.02%
5.14%
Transdigm
NR
Sr Sub Nts
7.750%
15-Dec-18
1,600
B3
B-
102.00
102.00
7.33%
618bp
15-Dec-17
7.38%
-0.22%
5.33%
Trimas Corp
NR
9.750%
15-Dec-17
250
B2
B-
106.50
107.00
(0.50)
7.84%
713bp
15-Dec-15
8.36%
0.02%
5.32%
Triumph Group
NR
Sr Nts
8.625%
15-Jul-18
350
Ba3
B+
109.00
109.25
(0.25)
6.34%
572bp
15-Jul-15
6.91%
0.02%
6.66%
Triumph Group
NR
Sr Sub Nts
8.000%
15-Nov-17
175
B1
B+
106.50
106.00
0.50
6.12%
543bp
15-Nov-15
6.66%
0.02%
9.29%
Tutor Perini
NR
Guar Nts
7.625%
1-Nov-18
300
Ba3
BB-
92.50
92.25
0.25
9.11%
777bp
1-Nov-18
9.11%
0.29%
-1.05%
USG
NR
Sr Nts
7.750%
15-Jan-18
500
Caa2
B-
82.00
82.50
(0.50)
11.98%
1,081bp
15-Jan-18
11.98%
-2.28%
-7.90%
USG
NR
Sr Nts
6.300%
15-Nov-16
500
Caa2
B-
75.50
76.00
(0.50)
13.19%
1,227bp
15-Nov-16
13.19%
-1.28%
-7.10%
USG
NR
Sr Nts
8.375%
15-Oct-18
350
B2
BB-
87.25
87.00
0.25
11.07%
974bp
15-Oct-18
11.07%
0.03%
-3.16%
USG
NR
Sr Nts
9.750%
1-Aug-14
300
B2
BB-
99.25
97.50
1.75
10.07%
966bp
1-Aug-14
10.07%
0.03%
2.38%
Vulcan Materials
NR
Sr Nts
10.375%
15-Dec-18
250
Ba2
BB
110.13
110.00
0.13
8.44%
707bp
15-Dec-18
8.44%
0.35%
Vulcan Materials
NR
Sr Nts
10.125%
15-Dec-15
150
Ba2
BB
109.38
109.38
7.39%
668bp
15-Dec-15
7.39%
0.13%
Vulcan Materials
NR
Sr Nts
7.150%
30-Nov-37
250
Ba2
BB
95.50
95.50
7.55%
478bp
30-Nov-37
7.55%
0.02%
Vulcan Materials
NR
Sr Nts
7.000%
15-Jun-18
400
Ba2
BB
95.50
95.25
0.25
7.89%
664bp
15-Jun-18
7.89%
0.02%
Vulcan Materials
NR
Sr Nts
6.400%
30-Nov-17
350
Ba2
BB
93.75
94.25
(0.50)
7.72%
658bp
30-Nov-17
7.72%
0.02%
Vulcan Materials
NR
Sr Nts
6.300%
15-Jun-13
140
Ba2
BB
100.53
100.02
0.51
5.93%
574bp
15-Jun-13
5.93%
0.02%
Vulcan Materials
NR
Sr Nts
5.600%
30-Nov-12
135
Ba2
BB
100.02
100.01
0.01
5.58%
547bp
30-Nov-12
5.58%
0.02%
Vulcan Materials
NR
Sr Nts
6.500%
1-Dec-16
500
Ba2
BB
96.00
96.75
(0.75)
7.47%
655bp
1-Dec-16
7.47%
0.02%
-0.97%
Vulcan Materials
NR
Sr Nts
7.500%
15-Jun-21
600
Ba2
BB
97.00
97.09
(0.09)
7.95%
605bp
15-Jun-21
7.95%
0.02%
0.50%
WESCO Distribution
NR
Sr Sub Nts
7.500%
15-Oct-17
150
B1
101.50
101.75
(0.25)
6.63%
639bp
15-Oct-13
7.18%
0.02%
7.00%
NR
Sr Nts
6.875%
31-Jul-13
150
Ba1
BB+
104.00
104.50
(0.50)
4.35%
414bp
31-Jul-13
4.35%
-0.45%
4.86%
WireCo WorldGroup
NR
Sr Nts
9.500%
15-May-17
425
B2
102.00
102.00
8.81%
823bp
15-May-15
9.03%
0.03%
4.80%
Wyle Services
NR
Sr Sub Nts
10.500%
1-Apr-18
175
Caa2
B-
96.25
96.50
(0.25)
11.34%
1,013bp
1-Apr-18
11.34%
0.03%
8.54%
12
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Price
Weekly
YTW Date Total Return
YTD Total
Return
Issuer
Rec rating
Description
Coupon
Maturity
Outstanding
Moody's
S&P
30-Nov-11
YTW
STW
Hawker Beechcraft
NR
Sr Sub Nts
9.750%
1-Apr-17
145
Ca
CCC-
15.50
75.89%
7,489bp
1-Apr-17
0.16%
-54.62%
Hawker Beechcraft
NR
Sr Toggle Nts
8.875%
1-Apr-15
303
Ca
CCC-
25.00
68.61%
6,805bp
1-Apr-15
0.09%
-54.68%
Hawker Beechcraft
NR
Sr Nts
8.500%
1-Apr-15
183
Ca
CCC-
25.00
67.61%
6,706bp
1-Apr-15
0.09%
-54.30%
Aquilex Holdings
NR
Sr Nts
11.125%
15-Dec-16
225
48.00
32.94%
3,201bp
15-Dec-16
-1.33%
-42.35%
NR
15-Nov-14
172
Caa3
CCC+
62.50
31.37%
3,090bp
15-Nov-14
0.05%
-19.45%
NR
Sr Nts
10.250%
1-Feb-15
245
Caa2
CCC-
59.50
31.27%
3,076bp
1-Feb-15
0.05%
-11.15%
AS Americas
NR
15-Jan-16
188
Caa1
67.00
23.71%
2,298bp
15-Jan-16
-0.66%
-23.65%
NR
Sr Nts
11.000%
1-Sep-18
250
Caa2
B-
79.25
16.15%
1,484bp
1-Sep-18
0.04%
-5.80%
Colt Defense
NR
Sr Nts
8.750%
15-Nov-17
250
Caa1
B-
73.50
15.77%
1,464bp
15-Nov-17
0.03%
9.91%
NR
Sr Sub Nts
13.125%
15-Jul-14
150
Caa3
CCC
95.00
15.50%
1,510bp
15-Jul-14
-1.44%
0.61%
Stanadyne Automotive
NR
Sr Sub Nts
10.000%
15-Aug-14
160
Caa1
CCC
90.50
14.34%
1,393bp
15-Aug-14
0.03%
-1.58%
Stanadyne Automotive
NR
Sr Disc Nts
0.000%/12.000%
15-Feb-15
100
Caa3
CCC-
95.00
13.97%
1,344bp
15-Feb-15
0.03%
11.50%
NR
1-Nov-14
320
B2
B-
90.50
13.94%
1,348bp
1-Nov-14
-0.55%
-0.79%
DynCorp
NR
Sr Nts
10.375%
1-Jul-17
455
B2
B-
87.00
13.78%
1,273bp
1-Jul-17
0.03%
-5.92%
USG
NR
Sr Nts
6.300%
15-Nov-16
500
Caa2
B-
75.50
13.19%
1,227bp
15-Nov-16
-1.28%
-7.10%
Associated Materials
NR
Sr Sec Nts
9.125%
1-Nov-17
730
B3
84.50
12.95%
1,183bp
1-Nov-17
-0.55%
-10.98%
Texas Industries
NR
Sr Nts
9.250%
15-Aug-20
650
Caa2
B-
82.25
12.67%
1,095bp
15-Aug-20
-0.26%
-14.18%
Norcraft Companies/Finance
NR
15-Dec-15
240
B3
93.50
12.60%
1,189bp
15-Dec-15
0.03%
-3.00%
Cleaver-Brooks
NR
1-May-16
185
B2
99.00
12.54%
1,175bp
1-May-16
0.03%
3.70%
USG
NR
Sr Nts
7.750%
15-Jan-18
500
Caa2
B-
82.00
11.98%
1,081bp
15-Jan-18
-2.28%
-7.90%
Nortek
NR
Sr Nts
8.500%
15-Apr-21
500
Caa1
81.25
11.86%
1,000bp
15-Apr-21
-1.47%
-13.65%
Nortek
NR
Sr Nts
10.000%
1-Dec-18
250
Caa1
92.50
11.59%
1,024bp
1-Dec-18
-0.77%
-1.59%
ADS Tactical
NR
Sr Sec Nts
11.000%
1-Apr-18
275
B3
97.50
11.56%
1,035bp
1-Apr-18
0.03%
5.05%
Jeld-Wen
NR
15-Oct-17
460
B3
B-
102.50
11.55%
1,065bp
15-Oct-16
0.03%
7.28%
NR
15-Feb-18
800
Caa1
B-
86.00
11.46%
1,027bp
15-Feb-18
-0.54%
-7.39%
NR
Sr Nts
8.000%
15-Feb-18
215
B3
CCC+
85.00
11.44%
1,025bp
15-Feb-18
0.03%
-8.53%
Wyle Services
NR
Sr Sub Nts
10.500%
1-Apr-18
175
Caa2
B-
96.25
11.34%
1,013bp
1-Apr-18
0.03%
8.54%
USG
NR
Sr Nts
8.375%
15-Oct-18
350
B2
BB-
87.25
11.07%
974bp
15-Oct-18
0.03%
-3.16%
Hillman Group
NR
Guar Nts
10.875%
1-Jun-18
200
B3
CCC+
101.00
10.59%
977bp
1-Jun-16
0.03%
1.02%
Hillman Group
NR
Sr Nts
10.875%
1-Jun-18
50
B3
CCC+
101.00
10.59%
977bp
1-Jun-16
0.03%
2.43%
Dynacast International
NR
15-Jul-19
350
B2
93.25
10.56%
907bp
15-Jul-19
0.03%
-3.33%
NR
Sr Sub Nts
7.375%
1-Jun-17
420
Caa2
CCC+
87.00
10.55%
952bp
1-Jun-17
0.02%
-2.88%
Rexnord
NR
Sr Sub Nts
11.750%
1-Aug-16
300
Caa2
CCC+
103.00
10.42%
1,001bp
1-Aug-14
0.26%
5.73%
USG
NR
Sr Nts
9.750%
1-Aug-14
300
B2
BB-
99.25
10.07%
966bp
1-Aug-14
0.03%
2.38%
NR
1-Jun-17
625
B3
B+
101.25
9.65%
884bp
1-Jun-16
0.03%
-0.37%
Sequa
NR
Sr Nts
1-Dec-15
258
Caa2
CCC
106.75
9.59%
947bp
1-Dec-12
0.04%
9.96%
Ormat Funding
NR
30-Dec-20
132
NR
NR
92.50
9.50%
770bp
30-Dec-20
0.02%
3.48%
GenCorp
NR
Sr Sub Nts
9.500%
15-Aug-13
75
Ba3
CCC+
100.00
9.48%
927bp
15-Aug-13
0.03%
5.78%
J.B. Poindexter
Buy
Sr Nts
8.750%
15-Mar-14
199
B3
98.94
9.26%
895bp
15-Mar-14
-0.78%
6.45%
Masonite Corp.
NR
Sr Nts
8.250%
15-Apr-21
275
B3
B+
93.75
9.26%
740bp
15-Apr-21
0.02%
-1.05%
NR
15-Apr-15
117
B3
101.50
9.14%
869bp
15-Oct-14
0.03%
5.49%
Tutor Perini
NR
Guar Nts
7.625%
1-Nov-18
300
Ba3
BB-
92.50
9.11%
777bp
1-Nov-18
0.29%
-1.05%
Coleman Cable
NR
Sr Nts
9.000%
15-Feb-18
275
B3
99.75
9.05%
786bp
15-Feb-18
-0.22%
4.14%
Thermadyne Holdings
NR
15-Dec-17
260
B3
B-
100.00
9.00%
806bp
15-Dec-16
-1.86%
4.86%
Ducommun Inc
NR
Sr Nts
9.750%
15-Jul-18
200
B3
B-
103.25
8.99%
794bp
15-Jul-17
0.03%
7.42%
WireCo WorldGroup
NR
Sr Nts
9.500%
15-May-17
425
B2
102.00
8.81%
823bp
15-May-15
0.03%
4.80%
Commercial Vehicle
NR
Sr Sec Nts
7.875%
15-Apr-19
250
B2
B-
95.00
8.81%
737bp
15-Apr-19
0.02%
-0.27%
Terex
NR
Sr Sub Nts
8.000%
15-Nov-17
800
Caa1
96.50
8.77%
763bp
15-Nov-17
-0.49%
2.71%
DAE Aviation
NR
Sr Nts
11.250%
1-Aug-15
325
Caa2
CCC
104.00
8.60%
839bp
1-Aug-13
0.03%
9.90%
Park-Ohio Industries
NR
Sr Nts
8.125%
1-Apr-21
250
B3
CCC+
97.00
8.60%
674bp
1-Apr-21
-0.48%
2.30%
Manitowoc
NR
Sr Nts
9.500%
15-Feb-18
400
B3
B+
103.25
8.56%
781bp
15-Feb-16
0.02%
2.11%
Sequa
NR
Sr Nts
11.750%
1-Dec-15
500
Caa2
CCC
105.75
8.53%
841bp
1-Dec-12
0.03%
8.72%
NR
1-Dec-17
225
B3
B+
100.50
8.50%
757bp
1-Dec-16
0.52%
5.12%
Vulcan Materials
NR
Sr Nts
10.375%
15-Dec-18
250
Ba2
BB
110.13
8.44%
707bp
15-Dec-18
0.35%
Allison Transmission
NR
Sr Nts
11.000%
1-Nov-15
438
Caa1
CCC+
104.50
8.40%
815bp
1-Nov-13
0.51%
4.95%
Thermon Industries
NR
1-May-17
139
B1
B+
104.00
8.39%
760bp
1-May-16
0.03%
5.67%
13.500%
13
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Price
YTD Total
Return
Rec rating
Description
Coupon
Maturity
Moody's
S&P
30-Nov-11
YTW
STW
Oshkosh Corporation
NR
Sr Nts
8.500%
1-Mar-20
250
B2
BB
100.50
8.39%
720bp
1-Mar-18
0.02%
-1.35%
Hold
NR
Sr Sub Nts
Sr Nts
8.000%
7.125%
1-Dec-15
15-May-19
204
500
B2
Caa1
B+
CCC+
99.00
94.00
8.30%
8.22%
760bp
676bp
1-Dec-15
15-May-19
0.02%
0.02%
5.44%
-1.92%
Manitowoc
NR
Sr Nts
8.500%
1-Nov-20
600
B3
B+
102.00
8.11%
678bp
1-Nov-18
-0.22%
3.22%
Belden
NR
Sr Sub Nts
9.250%
15-Jun-19
200
Ba2
B+
105.00
8.11%
707bp
15-Jun-17
-0.43%
3.43%
Oshkosh Corporation
NR
Sr Nts
8.250%
1-Mar-17
250
B2
BB
100.50
8.10%
734bp
1-Mar-16
0.02%
-0.67%
Rexnord
Vulcan Materials
NR
NR
Sr Nts
Sr Nts
8.500%
7.500%
1-May-18
15-Jun-21
1,145
600
Caa1
Ba2
BBB
101.75
97.00
8.02%
7.95%
722bp
605bp
1-May-16
15-Jun-21
0.27%
0.02%
2.99%
0.50%
Griffon Corporation
NR
Sr Nts
7.125%
1-Apr-18
550
Ba3
BB-
96.00
7.94%
673bp
1-Apr-18
0.02%
1.05%
Vulcan Materials
NR
Sr Nts
7.000%
15-Jun-18
400
Ba2
BB
95.50
7.89%
664bp
15-Jun-18
0.02%
Trimas Corp
NR
15-Dec-17
250
B2
B-
106.50
7.84%
713bp
15-Dec-15
0.02%
5.32%
Fleetpride Corp
Vulcan Materials
NR
NR
Sr Nts
Sr Nts
11.500%
6.400%
1-Oct-14
30-Nov-17
150
350
B3
Ba2
BBB
102.88
93.75
7.83%
7.72%
773bp
658bp
1-Oct-12
30-Nov-17
0.03%
0.02%
18.10%
Columbus McKinnon
NR
Sr Sub Nts
7.875%
1-Feb-19
150
B1
B+
101.00
7.63%
667bp
1-Feb-17
0.02%
9.31%
NR
Sr Nts
7.500%
1-Mar-14
275
Caa1
B+
99.75
7.61%
730bp
1-Mar-14
0.27%
4.62%
Navistar International
NR
Sr Nts
8.250%
1-Nov-21
900
B1
BB-
103.00
7.61%
648bp
1-Nov-17
0.02%
2.75%
NR
NR
Sr Nts
Sr Nts
8.750%
7.450%
1-Sep-20
1-May-34
225
250
B2
Ba2
B+
BB+
106.00
98.75
7.59%
7.57%
629bp
497bp
1-Sep-18
1-May-34
0.25%
0.02%
3.04%
7.57%
Vulcan Materials
NR
Sr Nts
7.150%
30-Nov-37
250
Ba2
BB
95.50
7.55%
478bp
30-Nov-37
0.02%
Vulcan Materials
NR
Sr Nts
6.500%
1-Dec-16
500
Ba2
BB
96.00
7.47%
655bp
1-Dec-16
0.02%
-0.97%
Buy
NR
Sr Nts
Sr Nts
7.125%
10.125%
15-Mar-21
15-Dec-15
600
150
Ba3
Ba2
B+
BB
98.00
109.38
7.42%
7.39%
558bp
668bp
15-Mar-21
15-Dec-15
0.02%
0.13%
3.17%
Transdigm
NR
Sr Sub Nts
7.750%
15-Dec-18
1,600
B3
B-
102.00
7.33%
618bp
15-Dec-17
-0.22%
5.33%
General Cable
Hold
Sr Nts
7.125%
1-Apr-17
200
Ba3
B+
99.25
7.29%
630bp
1-Apr-17
-2.65%
2.60%
Buy
Sr Nts
6.875%
15-Mar-18
600
Ba3
B+
98.00
7.27%
607bp
15-Mar-18
0.02%
2.99%
Pinafore Inc
Manitowoc
NR
NR
1-Oct-18
1-Nov-13
1,035
150
B1
B3
B+
B+
107.00
100.00
7.25%
7.12%
636bp
688bp
1-Oct-16
1-Nov-13
0.37%
0.02%
6.50%
5.48%
Belden CDT
NR
Sr Sub Nts
7.000%
15-Mar-17
350
Ba2
B+
99.50
7.11%
612bp
15-Mar-17
-0.47%
4.46%
Bombardier
NR
Sr Nts
6.125%
15-May-21
780
Ba2
BB+
93.50
7.08%
484bp
15-May-21
-0.51%
2.37%
Terex
NR
Sr Nts
10.875%
1-Jun-16
300
B2
BB-
110.25
7.05%
687bp
1-Jun-13
-0.20%
3.42%
Altra Holdings
Polypore
NR
NR
Sr Sec Nts
Sr Nts
8.125%
7.500%
1-Dec-16
15-Nov-17
210
365
B1
B3
BBB
104.00
102.25
6.96%
6.95%
626bp
604bp
1-Dec-15
15-Nov-16
0.02%
0.51%
5.04%
6.87%
Titan International
NR
1-Oct-17
200
B1
B+
103.88
6.91%
602bp
1-Oct-16
0.02%
5.14%
Interface
NR
Sr Nts
7.625%
1-Dec-18
275
B2
BB
103.00
6.90%
598bp
1-Dec-16
0.02%
6.43%
AMSTED Industries
NR
Sr Nts
8.125%
15-Mar-18
500
B1
BB-
104.50
6.89%
612bp
15-Mar-16
0.97%
5.30%
Building Materials
Building Materials
NR
NR
Sr Nts
Sr Nts
6.875%
6.750%
15-Aug-18
1-May-21
450
1,010
Ba3
Ba3
BB+
BB+
100.00
99.50
6.87%
6.82%
601bp
495bp
15-Aug-16
1-May-21
-0.95%
0.02%
7.13%
4.43%
Moog
NR
Sr Sub Nts
7.250%
15-Jun-18
192
Ba3
B+
101.75
6.79%
597bp
15-Jun-16
0.02%
3.66%
ManTech International
NR
Sr Nts
7.250%
15-Apr-18
200
Ba2
BB+
101.75
6.78%
599bp
15-Apr-16
0.02%
3.62%
Building Materials
NR
Sr Nts
7.500%
15-Mar-20
325
Ba3
BB+
103.75
6.75%
555bp
15-Mar-18
-0.22%
8.47%
NR
NR
Sr Nts
Sr Sec Nts
6.875%
10.625%
15-Dec-20
1-Sep-14
225
200
Ba3
B2
BB
B+
101.00
106.38
6.72%
6.69%
493bp
647bp
15-Dec-20
1-Sep-13
0.02%
-0.09%
5.13%
8.16%
Bombardier
NR
Sr Nts
7.750%
15-Mar-20
850
Ba2
BB+
107.00
6.64%
500bp
15-Mar-20
-0.89%
5.72%
WESCO Distribution
Alliant Techsystems
NR
NR
Sr Sub Nts
Sr Sub Nts
7.500%
6.875%
15-Oct-17
15-Sep-20
150
350
B1
Ba3
B
BB-
101.50
101.50
6.63%
6.59%
639bp
528bp
15-Oct-13
15-Sep-18
0.02%
0.26%
7.00%
4.64%
Actuant
NR
Sr Nts
6.875%
15-Jun-17
250
Ba3
BB-
101.00
6.55%
595bp
15-Jun-15
0.02%
4.87%
BE Aerospace
Hold
Sr Nts
8.500%
1-Jul-18
600
Ba2
BB
107.00
6.37%
617bp
1-Jul-13
-0.09%
4.77%
Spirit Aerosystems
Triumph Group
NR
NR
Guar Nts
Sr Nts
6.750%
8.625%
15-Dec-20
15-Jul-18
300
350
Ba3
Ba3
BBB+
102.25
109.00
6.35%
6.34%
498bp
572bp
15-Dec-18
15-Jul-15
-0.22%
0.02%
8.04%
6.66%
Building Materials
NR
15-Feb-20
250
Ba1
BB+
103.38
6.33%
514bp
15-Feb-18
0.14%
6.63%
NR
Sr Nts
6.250%
1-Nov-16
500
Ba2
BB
99.75
6.31%
540bp
1-Nov-16
-0.23%
0.24%
Interline Brands
NR
Sr Sub Nts
7.000%
15-Nov-18
300
B2
BB
103.00
6.28%
537bp
15-Nov-16
0.02%
7.67%
Bombardier
Alliant Techsystems
NR
NR
Sr Nts
Sr Sub Nts
7.500%
6.750%
15-Mar-18
1-Apr-16
650
400
Ba2
Ba3
BB+
BB-
106.25
101.00
6.28%
6.28%
508bp
595bp
15-Mar-18
1-Apr-14
0.02%
-0.71%
5.31%
3.33%
Esterline Technologies
NR
Sr Nts
7.000%
1-Aug-20
250
Ba3
BB
104.00
6.25%
497bp
1-Aug-18
-0.91%
6.95%
Bombardier
NR
Sr Nts
7.250%
15-Nov-16
785
Ba2
BB+
103.00
6.12%
546bp
15-Nov-14
-0.70%
3.84%
14
Outstanding
Weekly
YTW Date Total Return
Issuer
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Price
Issuer
Rec rating
Description
Coupon
Maturity
Outstanding
Triumph Group
NR
Sr Sub Nts
8.000%
15-Nov-17
175
Anixter
NR
Sr Nts
5.950%
1-Mar-15
200
Buy
Sr Nts
7.875%
1-Dec-17
1,500
SPX
NR
Guar Nts
6.875%
1-Sep-17
Esterline Technologies
Hold
Sr Nts
6.625%
Vulcan Materials
NR
Sr Nts
6.300%
BE Aerospace
Hold
Sr Nts
Moog
Spirit Aerosystems
NR
NR
Sr Sub Nts
Sr Nts
Case
Buy
Sr Nts
Vulcan Materials
NR
Sr Nts
SPX
NR
L-3 Communications
NR
Hexcel
Moody's
Weekly
YTW Date Total Return
YTD Total
Return
S&P
30-Nov-11
YTW
STW
B1
B+
106.50
6.12%
543bp
15-Nov-15
0.02%
9.29%
Ba2
BB
99.50
6.12%
558bp
1-Mar-15
0.02%
4.68%
Ba2
BB+
108.75
6.11%
497bp
1-Dec-17
0.25%
6.05%
600
Ba1
BB+
104.00
6.04%
495bp
1-Sep-17
0.02%
3.67%
1-Mar-17
174
Ba3
BB
102.00
5.93%
540bp
1-Mar-15
0.02%
6.80%
15-Jun-13
140
Ba2
BB
100.53
5.93%
574bp
15-Jun-13
0.02%
6.875%
1-Oct-20
650
Ba2
BB
106.00
5.80%
448bp
1-Oct-18
0.25%
8.54%
6.250%
7.500%
15-Jan-15
1-Oct-17
187
300
Ba3
Ba3
B+
BB-
100.50
106.00
5.77%
5.73%
564bp
506bp
15-Jan-13
1-Oct-15
0.02%
-0.68%
4.98%
8.32%
7.250%
15-Jan-16
254
Ba2
BB+
106.00
5.60%
487bp
15-Jan-16
0.02%
4.12%
5.600%
30-Nov-12
135
Ba2
BB
100.02
5.58%
547bp
30-Nov-12
0.02%
Sr Nts
7.625%
15-Dec-14
500
Ba2
BB+
107.00
5.11%
462bp
15-Dec-14
-0.21%
4.74%
Sr Sub Nts
6.375%
15-Oct-15
1,000
Ba1
BB+
102.13
5.05%
495bp
15-Oct-12
0.02%
4.71%
NR
Sr Sub Nts
6.750%
1-Feb-15
75
B1
BB+
101.38
5.04%
504bp
1-Feb-12
0.02%
5.25%
Bombardier
NR
Sr Nts
6.750%
1-May-12
151
Ba2
BB+
100.75
4.87%
483bp
1-May-12
0.02%
2.74%
Buy
Sr Nts
7.750%
1-Sep-13
1,000
Ba2
BB+
105.00
4.73%
451bp
1-Sep-13
0.02%
4.12%
NR
Sr Nts
6.875%
31-Jul-13
150
Ba1
BB+
104.00
4.35%
414bp
31-Jul-13
-0.45%
4.86%
Mohawk Industries
NR
Sr Nts
6.125%
15-Jan-16
900
Ba2
BB+
106.75
4.32%
359bp
15-Jan-16
0.02%
4.60%
Bombardier
NR
Sr Nts
6.300%
1-May-14
162
Ba2
BB+
104.75
4.21%
386bp
1-May-14
0.02%
5.91%
Anixter
NR
Sr Nts
10.000%
15-Mar-14
30
Ba2
BB
113.75
3.67%
335bp
15-Mar-14
0.02%
6.87%
Mohawk Industries
JohnsonDiversey Inc
NR
NR
Sr Nts
Sr Toggle Nts
7.200%
10.500%
15-Apr-12
15-May-20
336
175
Ba2
Caa1
BB+
B-
101.75
136.50
2.40%
1.58%
236bp
89bp
15-Apr-12
15-Nov-15
0.02%
0.02%
2.13%
26.65%
JohnsonDiversey Inc
NR
Sr Nts
8.250%
15-Nov-19
260
B3
124.50
0.57%
10bp
15-Nov-14
0.02%
21.43%
15
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Price
Issuer
Rec rating
Description
Coupon
Maturity
Outstanding
Moody's
S&P
30-Nov-11
YTW
STW
Weekly
YTW Date Total Return
JohnsonDiversey Inc
NR
Sr Toggle Nts
10.500%
15-May-20
175
Caa1
B-
136.50
1.58%
89bp
15-Nov-15
0.02%
26.65%
JohnsonDiversey Inc
NR
Sr Nts
8.250%
15-Nov-19
260
B3
124.50
0.57%
10bp
15-Nov-14
0.02%
21.43%
Fleetpride Corp
NR
Sr Nts
11.500%
1-Oct-14
150
B3
B-
102.88
7.83%
773bp
1-Oct-12
0.03%
18.10%
Stanadyne Automotive
NR
Sr Disc Nts
0.000%/12.000%
15-Feb-15
100
Caa3
CCC-
95.00
13.97%
1,344bp
15-Feb-15
0.03%
11.50%
Sequa
NR
Sr Nts
13.500%
1-Dec-15
258
Caa2
CCC
106.75
9.59%
947bp
1-Dec-12
0.04%
9.96%
Colt Defense
NR
Sr Nts
8.750%
15-Nov-17
250
Caa1
B-
73.50
15.77%
1,464bp
15-Nov-17
0.03%
9.91%
DAE Aviation
NR
Sr Nts
11.250%
1-Aug-15
325
Caa2
CCC
104.00
8.60%
839bp
1-Aug-13
0.03%
9.90%
Columbus McKinnon
NR
Sr Sub Nts
7.875%
1-Feb-19
150
B1
B+
101.00
7.63%
667bp
1-Feb-17
0.02%
9.31%
Triumph Group
NR
Sr Sub Nts
8.000%
15-Nov-17
175
B1
B+
106.50
6.12%
543bp
15-Nov-15
0.02%
9.29%
Sequa
NR
Sr Nts
11.750%
1-Dec-15
500
Caa2
CCC
105.75
8.53%
841bp
1-Dec-12
0.03%
8.72%
Wyle Services
NR
Sr Sub Nts
10.500%
1-Apr-18
175
Caa2
B-
96.25
11.34%
1,013bp
1-Apr-18
0.03%
8.54%
BE Aerospace
Hold
Sr Nts
6.875%
1-Oct-20
650
Ba2
BB
106.00
5.80%
448bp
1-Oct-18
0.25%
8.54%
Building Materials
NR
Sr Nts
7.500%
15-Mar-20
325
Ba3
BB+
103.75
6.75%
555bp
15-Mar-18
-0.22%
8.47%
Spirit Aerosystems
NR
Sr Nts
7.500%
1-Oct-17
300
Ba3
BB-
106.00
5.73%
506bp
1-Oct-15
-0.68%
8.32%
CPM Holdings
NR
Sr Sec Nts
10.625%
1-Sep-14
200
B2
B+
106.38
6.69%
647bp
1-Sep-13
-0.09%
8.16%
Spirit Aerosystems
NR
Guar Nts
6.750%
15-Dec-20
300
Ba3
BB-
102.25
6.35%
498bp
15-Dec-18
-0.22%
8.04%
Interline Brands
NR
Sr Sub Nts
7.000%
15-Nov-18
300
B2
BB
103.00
6.28%
537bp
15-Nov-16
0.02%
7.67%
Bombardier
NR
Sr Nts
7.450%
1-May-34
250
Ba2
BB+
98.75
7.57%
497bp
1-May-34
0.02%
7.57%
Ducommun Inc
NR
Sr Nts
9.750%
15-Jul-18
200
B3
B-
103.25
8.99%
794bp
15-Jul-17
0.03%
7.42%
Jeld-Wen
NR
15-Oct-17
460
B3
B-
102.50
11.55%
1,065bp
15-Oct-16
0.03%
7.28%
Building Materials
NR
Sr Nts
6.875%
15-Aug-18
450
Ba3
BB+
100.00
6.87%
601bp
15-Aug-16
-0.95%
7.13%
WESCO Distribution
NR
Sr Sub Nts
7.500%
15-Oct-17
150
B1
101.50
6.63%
639bp
15-Oct-13
0.02%
7.00%
Esterline Technologies
NR
Sr Nts
7.000%
1-Aug-20
250
Ba3
BB
104.00
6.25%
497bp
1-Aug-18
-0.91%
6.95%
Polypore
NR
Sr Nts
7.500%
15-Nov-17
365
B3
102.25
6.95%
604bp
15-Nov-16
0.51%
6.87%
Anixter
NR
Sr Nts
10.000%
15-Mar-14
30
Ba2
BB
113.75
3.67%
335bp
15-Mar-14
0.02%
6.87%
Esterline Technologies
Hold
Sr Nts
6.625%
1-Mar-17
174
Ba3
BB
102.00
5.93%
540bp
1-Mar-15
0.02%
6.80%
Triumph Group
NR
Sr Nts
8.625%
15-Jul-18
350
Ba3
B+
109.00
6.34%
572bp
15-Jul-15
0.02%
6.66%
Building Materials
NR
15-Feb-20
250
Ba1
BB+
103.38
6.33%
514bp
15-Feb-18
0.14%
6.63%
Pinafore Inc
NR
1-Oct-18
1,035
B1
B+
107.00
7.25%
636bp
1-Oct-16
0.37%
6.50%
J.B. Poindexter
Buy
Sr Nts
8.750%
15-Mar-14
199
B3
98.94
9.26%
895bp
15-Mar-14
-0.78%
6.45%
Interface
NR
Sr Nts
7.625%
1-Dec-18
275
B2
BB
103.00
6.90%
598bp
1-Dec-16
0.02%
6.43%
Buy
Sr Nts
7.875%
1-Dec-17
1,500
Ba2
BB+
108.75
6.11%
497bp
1-Dec-17
0.25%
6.05%
Bombardier
NR
Sr Nts
6.300%
1-May-14
162
Ba2
BB+
104.75
4.21%
386bp
1-May-14
0.02%
5.91%
GenCorp
NR
Sr Sub Nts
9.500%
15-Aug-13
75
Ba3
CCC+
100.00
9.48%
927bp
15-Aug-13
0.03%
5.78%
Rexnord
NR
Sr Sub Nts
11.750%
1-Aug-16
300
Caa2
CCC+
103.00
10.42%
1,001bp
1-Aug-14
0.26%
5.73%
Bombardier
NR
Sr Nts
7.750%
15-Mar-20
850
Ba2
BB+
107.00
6.64%
500bp
15-Mar-20
-0.89%
5.72%
Thermon Industries
NR
1-May-17
139
B1
B+
104.00
8.39%
760bp
1-May-16
0.03%
5.67%
NR
15-Apr-15
117
B3
101.50
9.14%
869bp
15-Oct-14
0.03%
5.49%
Manitowoc
NR
Sr Nts
7.125%
1-Nov-13
150
B3
B+
100.00
7.12%
688bp
1-Nov-13
0.02%
5.48%
Hold
Sr Sub Nts
8.000%
1-Dec-15
204
B2
B+
99.00
8.30%
760bp
1-Dec-15
0.02%
5.44%
Transdigm
NR
Sr Sub Nts
7.750%
15-Dec-18
1,600
B3
B-
102.00
7.33%
618bp
15-Dec-17
-0.22%
5.33%
Trimas Corp
NR
15-Dec-17
250
B2
B-
106.50
7.84%
713bp
15-Dec-15
0.02%
5.32%
Bombardier
NR
Sr Nts
7.500%
15-Mar-18
650
Ba2
BB+
106.25
6.28%
508bp
15-Mar-18
0.02%
5.31%
AMSTED Industries
NR
Sr Nts
8.125%
15-Mar-18
500
B1
BB-
104.50
6.89%
612bp
15-Mar-16
0.97%
5.30%
Hexcel
NR
Sr Sub Nts
6.750%
1-Feb-15
75
B1
BB+
101.38
5.04%
504bp
1-Feb-12
0.02%
5.25%
Titan International
NR
1-Oct-17
200
B1
B+
103.88
6.91%
602bp
1-Oct-16
0.02%
5.14%
NR
Sr Nts
6.875%
15-Dec-20
225
Ba3
BB
101.00
6.72%
493bp
15-Dec-20
0.02%
5.13%
NR
1-Dec-17
225
B3
B+
100.50
8.50%
757bp
1-Dec-16
0.52%
5.12%
ADS Tactical
NR
Sr Sec Nts
1-Apr-18
275
B3
97.50
11.56%
1,035bp
1-Apr-18
0.03%
5.05%
11.000%
16
YTD Total
Return
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Price
Issuer
Rec rating
Description
Coupon
Altra Holdings
NR
Sr Sec Nts
8.125%
1-Dec-16
Moog
NR
Sr Sub Nts
6.250%
15-Jan-15
Allison Transmission
NR
Sr Nts
11.000%
Actuant
NR
Sr Nts
NR
Sr Nts
Thermadyne Holdings
Outstanding
Weekly
YTW Date Total Return
YTD Total
Return
Moody's
S&P
30-Nov-11
YTW
STW
210
B1
BB-
104.00
6.96%
626bp
1-Dec-15
0.02%
5.04%
187
Ba3
B+
100.50
5.77%
564bp
15-Jan-13
0.02%
4.98%
1-Nov-15
438
Caa1
CCC+
104.50
8.40%
815bp
1-Nov-13
0.51%
4.95%
6.875%
15-Jun-17
250
Ba3
BB-
101.00
6.55%
595bp
15-Jun-15
0.02%
4.87%
6.875%
31-Jul-13
150
Ba1
BB+
104.00
4.35%
414bp
31-Jul-13
-0.45%
4.86%
NR
15-Dec-17
260
B3
B-
100.00
9.00%
806bp
15-Dec-16
-1.86%
4.86%
WireCo WorldGroup
NR
Sr Nts
9.500%
15-May-17
425
B2
102.00
8.81%
823bp
15-May-15
0.03%
4.80%
BE Aerospace
Hold
Sr Nts
8.500%
1-Jul-18
600
Ba2
BB
107.00
6.37%
617bp
1-Jul-13
-0.09%
4.77%
SPX
NR
Sr Nts
7.625%
15-Dec-14
500
Ba2
BB+
107.00
5.11%
462bp
15-Dec-14
-0.21%
4.74%
L-3 Communications
NR
Sr Sub Nts
6.375%
15-Oct-15
1,000
Ba1
BB+
102.13
5.05%
495bp
15-Oct-12
0.02%
4.71%
Anixter
NR
Sr Nts
5.950%
1-Mar-15
200
Ba2
BB
99.50
6.12%
558bp
1-Mar-15
0.02%
4.68%
Alliant Techsystems
NR
Sr Sub Nts
6.875%
15-Sep-20
350
Ba3
BB-
101.50
6.59%
528bp
15-Sep-18
0.26%
4.64%
NR
Sr Nts
7.500%
1-Mar-14
275
Caa1
B+
99.75
7.61%
730bp
1-Mar-14
0.27%
4.62%
Mohawk Industries
NR
Sr Nts
6.125%
15-Jan-16
900
Ba2
BB+
106.75
4.32%
359bp
15-Jan-16
0.02%
4.60%
Belden CDT
NR
Sr Sub Nts
7.000%
15-Mar-17
350
Ba2
B+
99.50
7.11%
612bp
15-Mar-17
-0.47%
4.46%
Building Materials
NR
Sr Nts
6.750%
1-May-21
1,010
Ba3
BB+
99.50
6.82%
495bp
1-May-21
0.02%
4.43%
Coleman Cable
NR
Sr Nts
9.000%
15-Feb-18
275
B3
99.75
9.05%
786bp
15-Feb-18
-0.22%
4.14%
Buy
Sr Nts
7.750%
1-Sep-13
1,000
Ba2
BB+
105.00
4.73%
451bp
1-Sep-13
0.02%
4.12%
Case
Buy
Sr Nts
7.250%
15-Jan-16
254
Ba2
BB+
106.00
5.60%
487bp
15-Jan-16
0.02%
4.12%
Bombardier
NR
Sr Nts
7.250%
15-Nov-16
785
Ba2
BB+
103.00
6.12%
546bp
15-Nov-14
-0.70%
3.84%
Cleaver-Brooks
NR
1-May-16
185
B2
99.00
12.54%
1,175bp
1-May-16
0.03%
3.70%
SPX
NR
Guar Nts
6.875%
1-Sep-17
600
Ba1
BB+
104.00
6.04%
495bp
1-Sep-17
0.02%
3.67%
Moog
NR
Sr Sub Nts
7.250%
15-Jun-18
192
Ba3
B+
101.75
6.79%
597bp
15-Jun-16
0.02%
3.66%
ManTech International
NR
Sr Nts
7.250%
15-Apr-18
200
Ba2
BB+
101.75
6.78%
599bp
15-Apr-16
0.02%
3.62%
Ormat Funding
NR
30-Dec-20
132
NR
NR
92.50
9.50%
770bp
30-Dec-20
0.02%
3.48%
Belden
NR
Sr Sub Nts
9.250%
15-Jun-19
200
Ba2
B+
105.00
8.11%
707bp
15-Jun-17
-0.43%
3.43%
Terex
NR
Sr Nts
10.875%
1-Jun-16
300
B2
BB-
110.25
7.05%
687bp
1-Jun-13
-0.20%
3.42%
Alliant Techsystems
NR
Sr Sub Nts
6.750%
1-Apr-16
400
Ba3
BB-
101.00
6.28%
595bp
1-Apr-14
-0.71%
3.33%
Manitowoc
NR
Sr Nts
8.500%
1-Nov-20
600
B3
B+
102.00
8.11%
678bp
1-Nov-18
-0.22%
3.22%
Buy
Sr Nts
7.125%
15-Mar-21
600
Ba3
B+
98.00
7.42%
558bp
15-Mar-21
0.02%
3.17%
NR
Sr Nts
8.750%
1-Sep-20
225
B2
B+
106.00
7.59%
629bp
1-Sep-18
0.25%
3.04%
Rexnord
NR
Sr Nts
8.500%
1-May-18
1,145
Caa1
B-
101.75
8.02%
722bp
1-May-16
0.27%
2.99%
Buy
Sr Nts
6.875%
15-Mar-18
600
Ba3
B+
98.00
7.27%
607bp
15-Mar-18
0.02%
2.99%
Navistar International
NR
Sr Nts
8.250%
1-Nov-21
900
B1
BB-
103.00
7.61%
648bp
1-Nov-17
0.02%
2.75%
Bombardier
NR
Sr Nts
6.750%
1-May-12
151
Ba2
BB+
100.75
4.87%
483bp
1-May-12
0.02%
2.74%
Terex
NR
Sr Sub Nts
8.000%
15-Nov-17
800
Caa1
96.50
8.77%
763bp
15-Nov-17
-0.49%
2.71%
General Cable
Hold
Sr Nts
7.125%
1-Apr-17
200
Ba3
B+
99.25
7.29%
630bp
1-Apr-17
-2.65%
2.60%
Hillman Group
NR
Sr Nts
10.875%
1-Jun-18
50
B3
CCC+
101.00
10.59%
977bp
1-Jun-16
0.03%
2.43%
USG
NR
Sr Nts
9.750%
1-Aug-14
300
B2
BB-
99.25
10.07%
966bp
1-Aug-14
0.03%
2.38%
Bombardier
NR
Sr Nts
6.125%
15-May-21
780
Ba2
BB+
93.50
7.08%
484bp
15-May-21
-0.51%
2.37%
Park-Ohio Industries
NR
Sr Nts
8.125%
1-Apr-21
250
B3
CCC+
97.00
8.60%
674bp
1-Apr-21
-0.48%
2.30%
Mohawk Industries
NR
Sr Nts
7.200%
15-Apr-12
336
Ba2
BB+
101.75
2.40%
236bp
15-Apr-12
0.02%
2.13%
Manitowoc
NR
Sr Nts
9.500%
15-Feb-18
400
B3
B+
103.25
8.56%
781bp
15-Feb-16
0.02%
2.11%
Griffon Corporation
NR
Sr Nts
7.125%
1-Apr-18
550
Ba3
BB-
96.00
7.94%
673bp
1-Apr-18
0.02%
1.05%
Hillman Group
NR
Guar Nts
10.875%
1-Jun-18
200
B3
CCC+
101.00
10.59%
977bp
1-Jun-16
0.03%
1.02%
NR
Sr Sub Nts
13.125%
15-Jul-14
150
Caa3
CCC
95.00
15.50%
1,510bp
15-Jul-14
-1.44%
0.61%
Vulcan Materials
NR
Sr Nts
7.500%
15-Jun-21
600
Ba2
BB
97.00
7.95%
605bp
15-Jun-21
0.02%
0.50%
NR
Sr Nts
6.250%
1-Nov-16
500
Ba2
BB
99.75
6.31%
540bp
1-Nov-16
-0.23%
0.24%
Commercial Vehicle
NR
Sr Sec Nts
7.875%
15-Apr-19
250
B2
B-
95.00
8.81%
737bp
15-Apr-19
0.02%
-0.27%
NR
1-Jun-17
625
B3
B+
101.25
9.65%
884bp
1-Jun-16
0.03%
-0.37%
Oshkosh Corporation
NR
Sr Nts
1-Mar-17
250
B2
BB
100.50
8.10%
734bp
1-Mar-16
0.02%
-0.67%
NR
1-Nov-14
320
B2
B-
90.50
13.94%
1,348bp
1-Nov-14
-0.55%
-0.79%
Vulcan Materials
NR
Sr Nts
6.500%
1-Dec-16
500
Ba2
BB
96.00
7.47%
655bp
1-Dec-16
0.02%
-0.97%
Masonite Corp.
NR
Sr Nts
8.250%
15-Apr-21
275
B3
B+
93.75
9.26%
740bp
15-Apr-21
0.02%
-1.05%
Tutor Perini
NR
Guar Nts
7.625%
1-Nov-18
300
Ba3
BB-
92.50
9.11%
777bp
1-Nov-18
0.29%
-1.05%
Oshkosh Corporation
NR
Sr Nts
8.500%
1-Mar-20
250
B2
BB
100.50
8.39%
720bp
1-Mar-18
0.02%
-1.35%
8.250%
Maturity
17
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Price
YTD Total
Return
Rec rating
Description
Coupon
Maturity
Moody's
S&P
30-Nov-11
YTW
STW
Stanadyne Automotive
NR
Sr Sub Nts
10.000%
15-Aug-14
160
Caa1
CCC
90.50
14.34%
1,393bp
15-Aug-14
0.03%
-1.58%
Nortek
Allison Transmission
NR
NR
Sr Nts
Sr Nts
10.000%
7.125%
1-Dec-18
15-May-19
250
500
Caa1
Caa1
B
CCC+
92.50
94.00
11.59%
8.22%
1,024bp
676bp
1-Dec-18
15-May-19
-0.77%
0.02%
-1.59%
-1.92%
NR
Sr Sub Nts
7.375%
1-Jun-17
420
Caa2
CCC+
87.00
10.55%
952bp
1-Jun-17
0.02%
-2.88%
Norcraft Companies/Finance
USG
NR
NR
15-Dec-15
15-Oct-18
240
350
B3
B2
B
BB-
93.50
87.25
12.60%
11.07%
1,189bp
974bp
15-Dec-15
15-Oct-18
0.03%
0.03%
-3.00%
-3.16%
Dynacast International
New Enterprise Stone & Lime
NR
NR
15-Jul-19
1-Sep-18
350
250
B2
Caa2
B
B-
93.25
79.25
10.56%
16.15%
907bp
1,484bp
15-Jul-19
1-Sep-18
0.03%
0.04%
-3.33%
-5.80%
DynCorp
NR
Sr Nts
USG
Ply Gem Industries
NR
NR
Sr Nts
6.300%
Sr Sec Nts (1st Lien)8.250%
USG
NR
Sr Nts
NR
NR
Sr Nts
Sr Sec Nts
NR
NR
Texas Industries
AGY Holding Corp
AS Americas
10.375%
Outstanding
Weekly
YTW Date Total Return
Issuer
1-Jul-17
455
B2
B-
87.00
13.78%
1,273bp
1-Jul-17
0.03%
-5.92%
15-Nov-16
15-Feb-18
500
800
Caa2
Caa1
BB-
75.50
86.00
13.19%
11.46%
1,227bp
1,027bp
15-Nov-16
15-Feb-18
-1.28%
-0.54%
-7.10%
-7.39%
7.750%
15-Jan-18
500
Caa2
B-
82.00
11.98%
1,081bp
15-Jan-18
-2.28%
-7.90%
8.000%
9.125%
15-Feb-18
1-Nov-17
215
730
B3
B3
CCC+
B
85.00
84.50
11.44%
12.95%
1,025bp
1,183bp
15-Feb-18
1-Nov-17
0.03%
-0.55%
-8.53%
-10.98%
Sr Nts
Sr Nts
10.250%
8.500%
1-Feb-15
15-Apr-21
245
500
Caa2
Caa1
CCCB
59.50
81.25
31.27%
11.86%
3,076bp
1,000bp
1-Feb-15
15-Apr-21
0.05%
-1.47%
-11.15%
-13.65%
NR
Sr Nts
9.250%
15-Aug-20
650
Caa2
B-
82.25
12.67%
1,095bp
15-Aug-20
-0.26%
-14.18%
NR
NR
15-Nov-14
15-Jan-16
172
188
Caa3
Caa1
CCC+
B
62.50
67.00
31.37%
23.71%
3,090bp
2,298bp
15-Nov-14
15-Jan-16
0.05%
-0.66%
-19.45%
-23.65%
Aquilex Holdings
NR
Sr Nts
11.125%
15-Dec-16
225
48.00
32.94%
3,201bp
15-Dec-16
-1.33%
-42.35%
Hawker Beechcraft
Hawker Beechcraft
NR
NR
Sr Nts
Sr Sub Nts
8.500%
9.750%
1-Apr-15
1-Apr-17
183
145
Ca
Ca
CCCCCC-
25.00
15.50
67.61%
75.89%
6,706bp
7,489bp
1-Apr-15
1-Apr-17
0.09%
0.16%
-54.30%
-54.62%
Hawker Beechcraft
NR
Sr Toggle Nts
8.875%
1-Apr-15
303
Ca
CCC-
25.00
68.61%
6,805bp
1-Apr-15
0.09%
-54.68%
18
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Coupon
Description
Maturity
Ratings
Moody's
S&P
1/4/2011
1/13/2011
CEMEX
Columbus McKinnon
$1,650.0
$150.0
9.000%
7.875%
Sr Sec Nts
Sr Sub Nts
1/11/2018
2/1/2019
NR/BB1/B+
Building Materials
Industrials
1/13/2011
AS Americas
$187.5
10.750%
1/15/2016
Caa1/B
Building Materials
1/19/2011
2/3/2011
$400.0
$215.0
7.500%
8.000%
Sr Nts
Sr Nts
1/25/2016
2/15/2018
Ba3/BBB3/CCC+
Building Materials
Industrials
2/9/2011
$800.0
8.250%
2/15/2018
Caa1/B-
Building Materials
3/4/2011
3/4/2011
$600.0
$600.0
6.875%
7.125%
Sr Nts
Sr Nts
3/15/2018
3/15/2021
Ba3/B+
Ba3/B+
Building Materials
Building Materials
Industry
3/11/2011
Hillman Group
$50.0
10.875%
Sr Nts
6/1/2018
B3/CCC+
Industrials
3/14/2011
Griffon Corporation
$550.0
7.125%
Sr Nts
4/1/2018
Ba3/BB-
Industrials
3/18/2011
3/22/2011
$300.0
$275.0
7.000%
11.000%
Sr Nts
Sr Sec Nts
4/1/2021
4/1/2018
Ba2/BBB3/B
Building Materials
Aerospace / Defense
3/31/2011
Park-Ohio Industries
$250.0
8.125%
Sr Nts
4/1/2021
B3/CCC+
Industrials
4/7/2011
4/8/2011
Kion Finance
Masonite Corp.
$325.0
$275.0
7.875%
8.250%
Sr Sec Nts
Sr Nts
4/15/2018
4/15/2021
B2/B
B3/B+
Industrials
Building Materials
4/12/2011
Nortek
$500.0
8.500%
Sr Nts
4/15/2021
Caa1/B
Building Materials
4/13/2011
4/19/2011
Commercial Vehicle
Dematic SAS
$250.0
$300.0
7.875%
8.750%
Sr Sec Nts
Sr Sec Nts (1st Lien)
4/15/2019
5/1/2016
B2/BB3/B
Industrials
Industrials
4/26/2011
$300.0
7.875%
Sr Nts
5/13/2016
Ba2/NR
Industrials
4/26/2011
4/27/2011
Building Materials
Allison Transmission
$1,010.0
$500.0
6.750%
7.125%
Sr Nts
Sr Nts
5/1/2021
5/15/2019
Ba3/BB+
Caa1/CCC+
Building Materials
Industrials
5/2/2011
$295.0
9.500%
Sr Sec Nts
5/15/2018
Caa1/CCC+
Aerospace / Defense
5/5/2011
5/6/2011
Fosun International
Sensata Technologies
$300.0
$700.0
7.500%
6.500%
Sr Nts
Sr Sec Nts
5/12/2016
5/15/2019
Ba2/BB+
B3/B
Industrials
Industrials
5/6/2011
Cimento Tupi SA
$100.0
9.750%
Sr Nts
5/11/2018
NR/B
Building Materials
5/18/2011
5/24/2011
$400.0
$500.0
8.500%
7.000%
Sr Nts
Sr Nts
5/25/2016
12/17/2018
NR/BBBa3/BB
Building Materials
Building Materials
5/26/2011
Lonking Holdings
$350.0
8.500%
Sr Nts
6/3/2016
Ba3/BB
Industrials
5/26/2011
$300.0
8.000%
Sr Sec Nts
6/1/2018
Ba3/B+
Building Materials
6/3/2011
6/3/2011
Vulcan Materials
Vulcan Materials
$500.0
$600.0
6.500%
7.500%
Sr Nts
Sr Nts
12/1/2016
6/15/2021
Ba2/BB
Ba2/BB
Building Materials
Building Materials
6/23/2011
Ducommun Inc
$200.0
9.750%
Sr Nts
7/15/2018
B3/B-
7/12/2011
11/1/2011
Dynacast International
CNH Capital Inc
$350.0
$500.0
9.250%
6.250%
7/15/2019
11/1/2016
B2/B
Ba2/BB
Aerospace / Defense
Industrials
Industrials
19
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
4 weeks
11/1
3 weeks
11/8
56.18
36.61
53.69
23.83
28.45
34.19
36.18
16.04
90.15
53.82
61.24
39.98
58.63
24.8
30.1
34.28
40.12
19.29
98.51
56
60.27
38.76
57.66
25.05
31.66
33.69
40.12
19.93
98.4
58.37
Wabtec
35.75
22.31
10.44
14.46
10.85
2.7
20.11
50
51.7
15.59
18.31
8.31
65.59
40.86
27.97
12.74
13.97
12.2
2.45
21.92
56.59
60.84
17.17
19.15
9.21
68.57
S&P 500
1218.28
1275.92
11/25
11/28
11/29
56.61
36.62
51.36
22.99
29.6
31.62
38.32
18.61
92.82
54.9
54.6
35.33
49.12
22.46
29.3
31.11
36.98
18.08
90.83
52.97
54.31
35.37
48.66
22.18
29.45
30.61
36.46
18.01
91.17
52.65
56.22
37.31
51.2
23.61
30.63
31.96
38.34
18.64
92.98
55.67
57.17
37.16
50.62
23.44
31
31.64
39.01
18.7
92.57
54.94
39.59
27.16
13.05
14.84
11.69
2.21
21.9
58.14
59.41
16.45
21.06
9.39
68.05
37.02
24.69
12.2
14.67
9.69
2.16
19.43
51.74
59.08
14.11
18.98
8.4
63.93
35.47
23.91
11.39
14.2
9.14
2.05
18.34
50.7
57.3
13.1
18.02
7.91
62.32
35.37
23.16
11.27
14.22
8.88
2.01
18.13
50.27
56.71
12.67
18.21
7.99
61.24
37.53
25.09
12.22
14.72
9.71
2.03
19.29
51.95
58.99
13.77
19.34
8.6
63.55
37.18
24.98
12.74
14.72
9.63
2.03
19.17
48.53
60.08
13.81
18.83
8.93
64.14
1257.81
1188.04
1161.79
5 days
Price Performance
Change
2 weeks
3 weeks
4 weeks
AEROSPACE/DEFENSE
ATK
BE Aerospace
Esterline
Hexcel
Huntington Ingalls
ManTech International
Moog
Spirit Aerosystems
Transdigm
Triumph Group
1.0%
1.5%
outperf
outperf
-5.1%
-4.1%
in line
outperf
-6.6%
-7.1%
underperf
underperf
1.8%
1.5%
outperf
outperf
-1.4%
underperf
-12.2%
underperf
-13.7%
underperf
-5.7%
underperf
2.0%
4.7%
0.1%
1.8%
0.5%
-0.3%
0.1%
outperf
outperf
underperf
outperf
in line
underperf
underperf
-6.4%
-2.1%
-6.1%
-2.8%
-6.2%
-5.9%
-5.9%
underperf
outperf
underperf
outperf
underperf
underperf
underperf
-5.5%
3.0%
-7.7%
-2.8%
-3.1%
-6.0%
-1.9%
outperf
outperf
underperf
outperf
outperf
outperf
outperf
-1.6%
9.0%
-7.5%
7.8%
16.6%
2.7%
2.1%
outperf
outperf
underperf
outperf
outperf
outperf
outperf
0.4%
1.2%
in line
outperf
-6.1%
-8.0%
underperf
underperf
-9.0%
-10.7%
underperf
underperf
4.0%
12.0%
outperf
outperf
4.4%
0.3%
-0.6%
outperf
underperf
underperf
-2.4%
-0.8%
-17.6%
outperf
outperf
underperf
0.0%
5.4%
-21.1%
outperf
22.0%
outperf
1.8%
underperf -11.2%
outperf
outperf
underperf
-6.0%
underperf
-8.1%
underperf
-17.1%
underperf -24.8%
underperf
-1.3%
underperf
-12.5%
underperf
-12.5%
underperf
-4.7%
underperf
-6.2%
underperf
-16.5%
underperf
-14.2%
underperf
-2.9%
underperf
1.7%
-2.1%
-0.8%
6.3%
0.3%
outperf
underperf
underperf
outperf
underperf
1.1%
-16.0%
-10.6%
-4.9%
-5.7%
INDUSTRIALS
CNH
General Cable
Gibraltar
Interline Brands
Manitowoc
Mueller Water
Oshkosh
Polypore
SPX
Terex
Trimas
USG
Source: Bloomberg
20
1158.67 1192.55
1195.19
last 5 days
0.6%
outperf
-1.2%
outperf
16.2%
outperf
underperf
-19.6% underperf -11.4% underperf
underperf
-1.7%
outperf
2.8%
outperf
in line
-3.0%
outperf
7.5%
outperf
underperf
-6.5%
in line
-2.2% underperf
Change
last 2 weeks
last 3 weeks
last 4 weeks
-5.0%
-6.3%
-1.9%
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
1450
1250
1050
STW
Global HY Index
HY Industrials Index
793bp
731bp
850
650
450
11/5/2011
7/5/2011
3/5/2011
11/5/2010
7/5/2010
3/5/2010
11/5/2009
7/5/2009
3/5/2009
11/5/2008
7/5/2008
3/5/2008
11/5/2007
7/5/2007
3/5/2007
250
Industrials Index
820
800
Global HY Index
HY Industrials Index
780
760
740
720
YTW
Global HY Index
HY Industrials Index
8.98%
8.21%
700
680
660
640
620
11/1/2011
11/8/2011
11/15/2011
11/22/2011
Industrials Index
11/29/2011
Global HY Index
HY Industrials Index
21
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Economic overview
1Q11
0.4%
7.1%
q/q, %saar
Real GDP (U.S.)
Industrial production (U.S.)
2Q11
1.3%
0.0%
3Q11
2.0%
4.3%
Jan-11
74.2
Feb-11
77.5
Quarterly
4Q11E 1Q12E
3.0%
0.5%
4.0%
0.0%
2Q12E
1.5%
1.5%
3Q12E
2.5%
3.0%
4Q12E
2.5%
3.0%
FY2010
3.0%
5.4%
May-11
74.3
Jun-11
71.5
Jul-11
63.7
Aug-11
55.7
Annual
FY2011E
FY2012E
1.8%
1.8%
4.4%
2.1%
FY2013E
2.4%
2.9%
Dec-10
74.5
Consumer confidence
Mar-11
67.5
Apr-11
69.8
Sep-11
59.4
q/q, %saar
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
1Q11
2Q11
3Q11
4Q11E
1Q12E
Source for all charts on this page: J.P. Morgan, University of Michigan.
22
85.0
80.0
75.0
70.0
65.0
60.0
55.0
50.0
2Q12E
3Q12E
4Q12E
Oct-11
60.9
Nov-11
55.7
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Nov-10
58.2
56.0
Dec-10
58.5
57.1
Jan-11
60.8
59.4
Feb-11
61.4
59.7
Mar-11
61.2
57.3
Apr-11
60.4
52.8
May-11
53.5
54.6
Jun-11
55.3
53.3
Jul-11
50.9
52.7
Aug-11
50.6
53.3
Sep-11
51.6
53.0
Oct-11
50.8
52.9
Nov-10
52.0
Dec-10
53.9
Jan-11
50.0
Feb-11
50.6
Mar-11
50.5
Apr-11
47.6
May-11
47.2
Jun-11
46.3
Jul-11
45.1
Aug-11
51.4
Sep-11
46.9
Oct-11
49.4
55.0
60.0
50.0
55.0
45.0
50.0
40.0
45.0
35.0
40.0
30.0
35.0
Source for all charts on this page: J.P. Morgan, ISM, and American Institute of Architects.
23
Yilma Abebe
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3Q11E
4Q11E
Ho using starts
(single family)
FY2011E
Existing single
h o me sales
FY2012E
Oct-11
Sep-11
Aug-11
Jul-11
Existing single
h o me sales
May-11
17.2%
4.6%
1.0%
4.3%
Apr-11
4,888 *
4,965 *
4,955 *
5,169 *
Mar-11
-27.7%
-3.2%
5.1%
-2.1%
-6.7%
-13.4%
-15.4%
-6.3%
21.5%
20.7%
11.7%
13.8%
Feb-11
4,080
4,580
4,700
4,280
4,440
4,380
4,240
4,290
4,120
4,490
4,310
4,380
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
-40.0%
-50.0%
-60.0%
Jan-11
-0.2%
3.1%
5.5%
9.7%
9.7%
4.4%
-8.5%
-12.8%
-13.1%
4.9%
-4.8%
Housing starts
(single family)
Jun-11
y-o-y %
5,174
5,336
5,631
6,178
6,778
7,076
6,478
5,652
4,913
5,156
4,907
24
Dec-10
Existing single
home sales
Nov-10
Yilma Abebe
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Oct-10
801,995
Nov-10
802,980
Dec-10
782,880
Jan-11
771,982
Feb-11
764,198
Mar-11
762,557
Apr-11
768,226
May-11
787,396
Jun-11
799,568
Jul-11
773,296
Aug-11
786,024
Sep-11
787,211
y-o-y change
-7.8%
-5.6%
-6.0%
-5.1%
-3.9%
-5.5%
-6.3%
-2.9%
-1.3%
-2.0%
-0.7%
-1.3%
245,891
246,530
239,361
247,327
242,369
235,809
247,042
257,200
252,273
232,925
234,701
236,320
y-o-y change
-6.3%
-4.8%
-5.9%
-5.9%
-3.6%
-6.9%
-5.8%
0.9%
0.4%
-5.2%
-1.9%
-1.1%
556,104
556,450
543,519
524,655
521,830
526,748
521,184
530,196
547,295
540,371
551,323
550,892
y-o-y change
-8.4%
-5.9%
-6.0%
-4.7%
-4.1%
-4.8%
-6.5%
-4.7%
-2.1%
-0.5%
-0.2%
-1.3%
810,000
790,000
780,000
770,000
760,000
1,200,000
Total Spending ($ in Billions)
1,100,000
1,000,000
900,000
800,000
700,000
600,000
750,000
740,000
500,000
Jan-00
Jun-00
Nov-00
Apr-01
Sep-01
Feb-02
Jul-02
Dec-02
May-03
Oct-03
Mar-04
Aug-04
Jan-05
Jun-05
Nov-05
Apr-06
Sep-06
Feb-07
Jul-07
Dec-07
May-08
Oct-08
Mar-09
Aug-09
Jan-10
Jun-10
Nov-10
Apr-11
800,000
25
Yilma Abebe
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FY2010
14.0%
3.0%
4.0%
2.0%
6.0%
32.0%
18.0%
1.0%
9.0%
-17.0%
29.0%
-8.0%
1Q11
10.0%
5.0%
6.0%
3.0%
35.0%
1.0%
7.0%
25.0%
37.0%
40.0%
-2.0%
6.0%
2Q11
13.0%
-3.0%
-1.0%
-5.0%
30.0%
-5.0%
15.0%
17.0%
-14.0%
30.0%
58.0%
Flat
3Q11 FY2011E
12.0% ~+10%
Flat
Flat
-2.0%
Flat
3.0%
(0-5%)
25.0% 20-25%
-9.0% (5-10%)
14.0% ~+10%
16.0% 15-20%
-15.0%
0-5%
85.0% 35-40%
56.0% 15-20%
36.0% 20-25%
FY2010
39.0%
21.0%
34.0%
88.0%
52.0%
1Q11
44.0%
47.0%
48.0%
46.0%
40.0%
2Q11
29.0%
37.0%
31.0%
30.0%
20.0%
3Q11
28.0%
39.0%
26.0%
25.0%
21.0%
FY2011E
25-30%
~+35%
25-30%
20-25%
15-20%
61.0%
16.0%
49.0%
96.0%
69.0%
51.0%
49.0%
63.0%
33.0%
50.0%
20.0%
37.0%
39.0%
25.0%
14.0%
4.0%
29.0%
33.0%
16.0%
-9.0%
15-20%
25-30%
~+40%
15-20%
10-15%
26
Yilma Abebe
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FY2011E
3Q11E
-10.0%
4Q11E
2Q11
1Q11
4Q10
0.0%
-5.0%
3Q10
RASM
8.8%
16.9%
13.2%
7.9%
-7.1%
8.2%
8.6%
RASM
10.0%
8.7%
1.0%
2Q10
RPM
3.0%
4.5%
4.8%
7.2%
-9.7%
2.6%
0.7%
RPM
-1.5%
1.2%
-0.1%
1Q10
-15.0%
-20.0%
RPM
RASM
27
Yilma Abebe
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2006
2007
2008
2009
2010
2011E
2012E
2013E
2014E
2015E
13
212
13
2
10
40
0
290
5
302
14
0
12
65
0
398
0
330
16
0
12
83
0
441
0
290
14
0
10
61
0
375
0
372
8
0
13
88
0
481
0
376
0
0
12
74
0
462
0
378
15
0
20
74
6
493
0
420
20
0
24
84
55
603
0
438
20
0
24
100
80
662
0
492
18
0
24
100
105
739
0
504
18
0
24
100
120
766
9
289
80
0
0
378
9
339
86
0
0
434
6
367
79
0
1
453
0
386
85
0
12
483
0
402
86
0
10
498
0
401
91
0
18
510
0
425
90
0
23
538
0
460
100
0
29
589
0
483
105
1
35
624
0
483
105
10
35
633
0
483
90
50
35
658
E190/5
CSeries
Subtotal
12
0
12
43
0
43
78
0
78
92
0
92
82
0
82
75
0
75
94
0
94
96
0
96
100
1
101
90
30
120
85
60
145
Total
680
875
972
950
1,061
1,047
1,125
1,288
1,387
1,492
1,569
Boeing
717
737
747
757
767
777
787
Subtotal
Airbus
300/310
A320 Family
330/340
350
380
Subtotal
Other
Source: Company reports, J.P. Morgan equity research, Senior Analyst Joe Nadol.
28
Yilma Abebe
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1998
1999
2000
2001
2002
2003
2004
34
24
36
7
32
42
32
43
32
38
35
71
35
41
30
63
29
31
17
27
17
24
1
14
17
12
21
79
22
100
24
173
28
207
17
180
9
101
63
28
90
181
64
15
30
91
200
59
39
36
82
216
56
8
6
79
37
66
252
61
41
37
85
34
48
306
Dassault
Falcon 50/EX
Falcon 900/B/C
Falcon 900DX
Falcon 900EX\LX
Falcon 2000/2000S
10
7
16
18
13
5
15
14
11
8
16
34
18
6
23
26
Falcon 2000EX
Falcon 2000LX
Falcon 7X
Discontinued Series
51
Calender Years
2006
2007
2005
2008
2009
2010
2011E
2012E
2013E
2
70
29
28
20
4
17
22
9
129
36
50
5
13
17
21
28
18
188
29
55
18
22
18
26
30
15
213
35
51
12
25
23
23
34
23
226
44
60
17
27
25
21
27
26
247
36
33
7
25
26
13
20
13
173
38
29
6
25
24
6
10
12
150
34
31
7
24
26
6
10
13
151
34
35
11
29
29
12
12
14
176
40
45
15
30
30
20
20
12
6
218
30
86
36
81
31
41
305
22
56
21
48
18
31
196
20
27
6
24
55
9
15
25
181
18
23
48
17
62
46
14
21
249
1
25
37
72
14
73
57
12
18
309
45
34
44
78
23
82
65
17
388
101
20
56
88
28
80
77
16
466
125
14
21
40
5
44
33
7
289
73
3
17
20
19
5
22
16
3
178
45
2
15
25
37
5
25
18
7
179
45
18
25
37
5
25
18
7
180
50
26
26
33
30
21
9
195
13
6
21
35
10
4
17
35
8
3
10
12
5
3
15
11
5
1
2
16
6
4
16
6
10
18
1
4
19
3
1
17
1
3
21
18
20
21
16
29
21
30
33
18
23
30
20
23
26
21
32
41
27
30
33
47
69
73
75
66
49
63
51
61
70
72
77
95
65
73
80
13
13
14
2
2
5
5
13
13
14
27
27
35
35
33
35
3
18
93
1
115
8
10
100
26
144
3
12
45
35
95
4
13
50
40
107
5
17
65
40
127
G280
G300/350
Discontinued Models
Total
57
14
32
29
75
9
1
39
31
80
11
6
37
34
88
5
25
36
35
101
9
15
29
32
85
5
19
8
13
29
74
9
13
5
19
32
78
12
14
12
14
37
89
20
22
12
16
43
113
32
27
13
20
46
138
39
30
12
20
55
156
11
8
30
45
94
13
11
31
44
99
14
4
36
44
10
108
16
15
32
44
20
127
25
20
28
42
33
148
HawkerBeechcraft
Premier I/A/Hawker 200
Beechjet 400XP
Hawker 800/850XP/900XP
Hawker 4000
Discontinued Models
Total
43
33
2
78
43
48
91
45
55
100
51
67
118
18
25
55
98
29
19
46
94
29
24
47
100
37
28
50
115
30
53
58
141
23
53
64
140
54
41
67
162
31
35
88
6
160
16
11
51
20
98
11
12
34
16
73
34
11
54
38
15
59
10
5
45
18
78
446
37%
513
15%
638
24%
740
16%
765
3%
659
-14%
502
-24%
579
15%
732
26%
862
18%
974
13%
1,033
6%
628
-39%
566
-10%
562
-1%
627
12%
731
17%
446
37%
513
15%
638
24%
740
16%
765
3%
659
-14%
502
-24%
579
15%
732
26%
863
18%
1,019
18%
1,136
11%
846
-26%
739
-13%
652
-12%
722
11%
866
20%
Cessna (Textron)
Citation Mustang
Citation Jet/CJ1+
Citation Jet/CJ2/Bravo
Citation Jet/CJ3
Citation Jet/CJ4
Citation V/Ultra/Encore+
Citation Excel/XLS/XLS+
Citation Sovereign
Citation X
Discontinued Models
Total
Total
Embraer
Lineage 1000
Legacy 600/650
Legacy 450
Legacy 500
Phenom 100
Phenom 300
Discontinued Models
Total
Source: Company reports, J.P. Morgan equity research, Senior Analyst Joe Nadol.
29
Yilma Abebe
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$177
Growth
$245
Growth
Source: DoD, J.P. Morgan equity senior analyst Joe Nadol.
30
FY11
$529
FY12E
$526
FY13E
$508
-3.4%
6.9%
2.9%
0.2%
-0.6%
$180
$182
$177
$174
$164
1.7%
1.1%
-2.7%
-1.7%
-5.7%
$35
$34
$26
$15
$10
-47.8%
-2.9%
-23.5%
-42.3%
-33.3%
$215
$216
$203
$190
$174
-12.2%
0.5%
-6.0%
-6.4%
-8.4%
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
2007
12/31
3.01
1.07
1Q08
3/31
3.86
1.33
2Q08
6/30
3.94
1.39
3Q08
9/30
2.90
1.08
4Q08
12/31
1.38
0.68
1Q09
3/31
1.82
0.61
2Q09
6/30
2.24
0.72
3Q09
9/30
2.79
0.84
4Q09
12/31
3.33
1.00
1Q10
3/31
3.52
1.04
2Q10
6/30
2.94
0.89
3Q10
9/30
3.63
1.05
4Q10
12/31
4.38
1.12
1Q11
3/31
4.27
1.19
2Q11
6/30
4.27
1.14
3Q11
9/30
3.17
0.96
540
580
530
530
580
410
335
555
505
615
625
535
535
723
763
763
650
688
688
688
688
688
11/29
3.39
0.90
4Q11
3.29
1.00
1Q12
3.74
1.07
688
688
n/a
n/a
Forecasts
2Q12 3Q12
3.86
4.20
1.11
1.16
n/a
4Q12
4.08
1.18
n/a
n/a
$/barrell
Crude oil (WTI)
49.66
69.89
70.61
70.36
83.76
75.63
79.97
79.20
92.51
96.80
99.37
98.01
96.17
96.77
98.21
99.79
4Q11
82.17
1Q12
90.00
$/bushel
Corn
Wheat
Soybean
4.56
8.85
9.95
4.05
5.33
8.86
3.48
5.11
12.37
3.44
4.58
8.66
4.15
5.42
9.42
3.45
4.51
7.97
3.54
4.65
8.68
4.96
6.74
9.06
6.29
7.94
11.11
5.93
6.09
9.14
6.45
6.24
9.32
6.61
6.57
9.23
6.46
6.33
9.04
5.99
5.94
8.76
5.89
5.79
8.48
5.83
5.75
8.48
5.92
5.75
8.63
5.98
5.95
8.58
4Q11
6.40
6.50
12.70
1Q12
6.70
6.90
13.10
2Q12
7.00
7.20
13.40
5.67
9.29
9.67
7.25
8.44
13.02
4.88
6.80
8.38
4.07
6.11
9.02
6.93
7.63
11.12
6.29
5.85
9.97
3Q12
6.80
7.10
13.20
4Q12
6.30
7.30
12.70
Source: London Metals Exchange, American Metal Association, New York Mercantile Exchange, Chicago Board of Trade, Bloomberg. Forecast by J.P. Morgan Senior Analysts Lewis Hagedorn, Michael Jansen, J.P. Morgan Energy Strategy.
31
Yilma Abebe
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3.75
1.10
0.90
2.50
0.70
1.25
0.50
0.00
US$/ton
120.00
1260
1140
1020
900
780
660
540
420
300
180
60
-60
32
100.00
80.00
60.00
40.00
20.00
0.00
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
10.00
9.00
8.00
7.00
6.00
5.00
4.00
3.00
2.00
33
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Analyst Certification: The research analyst(s) denoted by an AC on the cover of this report certifies (or, where multiple research
analysts are primarily responsible for this report, the research analyst denoted by an AC on the cover or within the document
individually certifies, with respect to each security or issuer that the research analyst covers in this research) that: (1) all of the views
expressed in this report accurately reflect his or her personal views about any and all of the subject securities or issuers; and (2) no part of
any of the research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views
expressed by the research analyst(s) in this report.
Conflict of Interest
This research contains the views, opinions and recommendations of J.P. Morgan credit research analysts. Research analysts
routinely consult with J.P. Morgan trading desk personnel in formulating views, opinions and recommendations in preparing
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Therefore, this research may not be independent from the proprietary interests of J.P. Morgan trading desks which may conflict
with your interests. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their
analysis, client feedback, trading desk and firm revenues and competitive factors. As a general matter, J.P. Morgan and/or its
affiliates normally make a market and trade as principal in fixed income securities discussed in research reports.
Important Disclosures
Lead or Co-manager: J.P. Morgan acted as lead or co-manager in a public offering of equity and/or debt securities for Huntington
Ingalls Industries, Inc. within the past 12 months.
Explanation of Credit Research Ratings:
Ratings System: J.P. Morgan uses the following sector/issuer portfolio weightings: Overweight (over the next three months, the
recommended risk position is expected to outperform the relevant index, sector, or benchmark), Neutral (over the next three months, the
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Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
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"Other Disclosures" last revised September 30, 2011.
35
Yilma Abebe
(1-212) 270-3265
yilma.abebe@jpmorgan.com
Copyright 2011 JPMorgan Chase & Co. All rights reserved. This report or any portion hereof may not be reprinted, sold or
redistributed without the written consent of J.P. Morgan. #$J&098$#*P
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