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The data and information included in bond reports (the “Bond Report” and/or “Research Reports”) are generated by quantitative research models. Bond Reports may contain ratings data and analysts’ commentaries from S&P Global Ratings, an affiliate of S&P Global Market Intelligence, a division of S&P Global Inc. When using this report, investors are advised to consult the accompanying glossary of investment terms. Bond Reports are prepared by Accounting Research & Analytics, LLC d/b/a CFRA, which is not affiliated with S&P Global Ratings and/or S&P Global Inc. Bond Reports are generally updated on a daily basis.
In general the bond market is volatile, and fixed income securities carry interest rate risk. Investments are subject to investment risks including the possible loss of the principal amount invested. Bond investments may be subject, but not limited, to the following investment risks:
Credit and default risk – Corporate bonds are subject to credit risk. It’s important to pay attention to changes in the credit quality of the issuer, as less creditworthy issuers may be more likely to default on interest payments or principal repayment. If a bond issuer fails to make either a coupon or principal payment when they are due, or fails to meet some other provision of the bond indenture, it is said to be in default.
Market risk – Price volatility of corporate bonds increases with the length of the maturity and decreases as the size of the coupon increases. Changes in credit rating can also affect prices. If one of the major rating services lowers its credit rating for a particular issue, the price of that security usually declines.
Event risk – A bond’s payments are dependent on the issuer’s ability to generate cash flow. Unforeseen events could impact their ability to meet those commitments.
Call risk – Many corporate bonds are callable, which means they can be redeemed or paid off at the issuer’s discretion prior to maturity. Typically an issuer will call a bond when interest rates fall below the coupon rate potentially leaving investors with a loss in income and less favorable reinvestment options. Prior to purchasing a corporate bond, determine whether call provisions exist. An investors should ensure that the yield he/she is quoted includes the yield to the worst case in the event of a call.
Sector risk – Corporate bond issuers fall into four main sectors: industrial, financial, utilities, and transportation. Bonds in these economic sectors can be affected by a range of factors, including corporate events, consumer demand, changes in the economic cycle, changes in regulation, interest rate and commodity volatility, changes in overseas economic conditions, and currency fluctuations. Understanding the degree to which each sector can be influenced by these factors is the first step toward building a diversified bond portfolio.
Interest rate risk – If interest rates rise, the price of existing bonds usually declines. That’s because new bonds are likely to be issued with higher yields as interest rates increase, making the old or outstanding bonds less attractive. If interest rates decline, however, bond prices usually increase, which means an investor can sometimes sell a bond for more than they paid or a premium to face value, since other investors are willing to pay a premium for a bond with a higher interest payment. The longer a bond’s maturity, the greater the impact a change in interest rates can have on its price. If you’re holding a bond until maturity, interest rate risk is not a concern.
Government securities risk – The U.S. Treasury only backs in full all some obligations of the U.S. government, its agencies and instrumentalities. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. The U.S. government or its agencies or instrumentalities cannot guarantee the market value of a security, only the timely payment of interest and principal when held to maturity. U.S government securities may increase or decrease in value based on global demand and changes in global economic conditions affect the demand for these securities.
Municipal securities risk – Public information available about municipal securities is in general limited and less available than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the bond investments in municipal securities. Investments in municipal projects of a municipality or a state may impact the bond”s value, if economic, business or political conditions change for the municipality or state.
Foreign risk – In addition to the risks mentioned above, there are additional considerations for bonds issued by foreign governments and corporations. These bonds can experience greater volatility, due to increased political, regulatory, market, or economic risks. These risks are usually more pronounced in emerging markets.
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This content has been prepared by Accounting Research & Analytics, LLC and/or one of its affiliates. It is published and distributed by Accounting Research & Analytics, LLC d/b/a CFRA with the following exceptions: In the European Union/European Economic Area, the content is published and distributed by CFRA UK Limited (company number 08456139 registered in England & Wales with its registered office address at PO Box 698, Titchfield House, 69-85 Tabernacle Street, London, EC2A 4RR, United Kingdom)), which is regulated by the UK Financial Conduct Authority (No. 775151); in Malaysia, the content is published and distributed by CFRA MY Sdn Bhd (Company No. 683377-A) (formerly known as Standard & Poor’s Malaysia Sdn. Bhd), which is regulated by the Securities Commission Malaysia (License No. CMSL/A0181/2007).
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Tomas Perez is currently a Bespoke Analyst at CFRA research.
Previously he was a Senior Associate at KPMG, LLP focused on the insurance industry, on a variety of projects in audit and advisory services for multiple Fortune 500 clients.
Tomas is also a graduate of the Ohio State University, having received a Bachelor’s of Science in Business Administration with a Specialization in Accounting and a minor in Economics. He is also a licensed CPA in the state of Ohio.
Nick Rodelli is the founder and head of CFRA’s Legal Edge, an institutional investor research product focused on legal and regulatory risk.
Prior to joining the firm, Nick was a litigator and corporate governance counselor at Wilson Sonsini Goodrich and Rosati, a Palo Alto, CA technology sector-focused law firm, and Jenner & Block in Chicago, IL, and a merger arbitrage and special situations analyst at a multi-strategy hedge fund, where he performed merger antitrust, litigation, SEC Enforcement, and regulatory risk assessments, and fundamental analysis. Nick has appeared on CNBC and has been quoted in Barron's, Bloomberg, The New York Times, and other major publications.
Nick holds a Juris Doctor degree from the University of North Carolina at Chapel Hill.
Veronica Mercier is a Junior Analyst on the Bespoke Team within Forensic Research Services. She conducts in-depth financial analysis and qualitative review of public-facing companies to produce custom reports for clients. Prior to joining CFRA in May of 2019, Veronica worked as a Student Economist in the Division of Insurance and Research at the FDIC where she conducted banking research.
Veronica holds an MA in Economics from George Mason University as well as a BS in Mathematics and BA in Economics from the University of Tampa.
Sel Hardy joined CFRA in October 2019 and is a Fundamental Equity Research Analyst covering several segments within the Healthcare industry including Pharmaceuticals, Managed Health Care, Life Sciences Tools & Services, Health Care Distributors and Services.
Prior to joining CFRA, Sel worked in Equity and Fixed Income Research at Is Investment, the leading investment bank in Turkey. She analyzed stocks and corporate bonds traded on the Istanbul Stock Exchange. As an equity analyst she focused on stocks of Hospital Operators, Pharmaceuticals, Industrials, and Hospitality companies and initiated coverage on several new listings, some of which ranked among the top equity investments of the year. Sel started her career in Finance at Credit Agricole Group as an Analyst in the Corporate and Investment Banking division with a focus on M&A and Credit Analysis.
Sel holds a BA in Economics and Politics from Brandeis University. She also holds a MS in Finance from Cass Business School, City University London.
Garrett Nelson is a Senior Equity Research Analyst primarily responsible for coverage of the U.S. Automotive and Beverages industries. He covers the entire Auto supply chain from manufacturers such as Tesla, Ford, and GM to parts and equipment suppliers, retailers, dealerships, distributors, and tire manufacturers. Garrett also follows the Beverage and Tobacco industries, including companies such as Coca-Cola, PepsiCo, Molson Coors, Constellation Brands, Altria, and Philip Morris. Finally, he follows a handful of large-cap retailers such as Walmart, Target, and Costco.
Garrett has been with CFRA since July 2018. Prior to joining CFRA, Garrett spent over a decade as a sell-side equity research analyst. He was a Senior Equity Research Analyst at BB&T Capital Markets, where he covered the Metals & Mining industry. Prior to that, Garrett was at an Equity Research Analyst at Davenport & Company LLC where he followed the energy sector, including utilities, oil & gas and coal companies. Prior to that, he worked as a proprietary equity trader for three years.
Garrett holds a B.A. Economics and History from the University of Virginia. He has also passed the FINRA Series 7, 55, 66, 86 & 87 exams
Colin Scarola is a Vice President of equity research at CFRA. His responsibilities include fundamental research and recommending investments within the Industrials sector, with emphasis on the aerospace & defense, airlines, logistics, and transportation industries.
Before joining CFRA in 2018, Colin spent three years in real estate private equity investing with Pennybacker Capital in Austin, Texas. This was following Colin’s initial transition into the investment field after four years as a mechanical engineer within the aerospace and building automation industries.
Colin is a CFA charter holder and has an undergraduate degree from the University of Notre Dame, earning a Bachelor of Science in Mechanical Engineering, cum laude. He also holds a Master of Science in Finance from The University of Texas at Austin, where he graduated at the top of his class.
Michael Dowd is head of global account management at CFRA. He is responsible for leading a global team of dedicated account managers to deliver best-in-class service for CFRA clients, developing the go-to-market strategy for client accounts, and driving user adoption of CFRA research.
Prior to joining CFRA, Mike served as the Director of Client Services and a member of the Senior Management Team at SNL Financial before the firm was acquired by McGraw-Hill in 2015. Following the acquisition, he built a Global Renewal Operations Team at S&P Global to facilitate a shift to avalue-based commercial pricing model, and led successful Relationship Management Teams in the non-financial Corporate client segment.
Mike holds aBachelor of Science, Business Administration from the University of Vermont, and a Master of Business Administration from Union College, with a concentration in Finance and International Business.
Ken Leon is Director of Equity Research at CFRA, responsible for analytical research as well as client servicing. As a subject matter expert, his research industries include Diversified Banks and the Housing Market, with coverage of Homebuilding, Home Improvement Retail, Home Furnishings and Real Estate Investment Trusts (REITs).
Ken is a thought leader that provides ongoing in-depth research and communications to key customer segments. He is active with most media networks and leading print media, and is sought for his investment views on the large banks and housing market trends.
Ken previously held the position of Global Director of Research and Industry Analyst for S&P Global Market Intelligence. Prior to joining CFRA, Ken spent over two decades in equity research with research leadership responsibilities at ABN Amro, Bear Stearns, and Lehman Brothers. He was a three-time Institutional Investor All-Star for his coverage of Wireless Telecommunications Services.
Ken holds both a Bachelor of Science degree and an MBA from New York University. He was also licensed in the State of New Jersey as a Certified Public Accountant.
Kevin Huang is an equity research analyst and is primarily responsible for providing analytical coverage of several industries within health care, which includes biotechnology, medical devices, health care providers and services, and health care technology. His role involves keeping up-to-date with health care policy and regulation, industry trends, and technological advancements.
Prior to joining CFRA in 2016, Kevin worked at PricewaterhouseCoopers as a senior associate in Risk Assurance.
Kevin holds a BSBA in Finance and Accounting from the Olin Business School, Washington University in St. Louis, Missouri. He is also a CFA Charterholder.
Colin Scarola is a senior analyst at CFRA. His responsibilities include fundamentalresearch and recommending equity investments within the Health Care sector, with emphasis on the pharmaceutical supply chain, health plan providers, and the life sciences industry.
Before joining CFRA in 2018, Colin spent three years as an investment analyst in real estate private equity with Pennybacker Capital in Austin, Texas. He transitioned into the investment field following four years as a mechanical engineer within the building automation and aerospace industries.
Colin has completed the CFA curriculum and holds an undergraduate degree from the University of Notre Dame, earning a Bachelor of Science in Mechanical Engineering, cum laude. He also holds a Master of Science in Finance from The University of Texas at Austin, where he graduated at the top of his class.
Chris Kuiper is a senior equity analyst at CFRA, conducting fundamental analysis and valuation assessments within the Consumer Finance, Capital Markets, and REITs areas.
Prior to joining CFRA in 2017, Chris worked as an analyst for a large-cap value fund. Chris also worked as a fundamental analyst for Calamos Investments, and a credit analyst for TCF Bank. He also previously worked as a research fellow for the Mercatus Center, a research center at George Mason University, where he wrote and published on public policy issues.
Chris holds a bachelor’s degree from Dordt College and a master’s degree in economics from George Mason University. Chris Kuiper holds the Chartered Financial Analyst designation.
Stewart Glickman is head of the Energy sector team and senior equity analyst at CFRA. He is responsible for analytical coverage of the Energy sector across the value chain. Stewart has held the positions of Sector Head of the Energy and Materials teams and Industry Analyst for S&P Global Market Intelligence.
Prior to joining S&P Global, Stewart worked in strategic consulting with Monitor Company and in economic consulting with Law and Economics Consulting Group and National Economic Research Associates, Inc.
Stewart holds a Bachelor of Arts degree in Economics from the University of Western Ontario, a Master of Arts degree in Economics from the University of Victoria, and an MBA in Finance and Accounting from the Stern School of Business at New York University. Stewart is a CFA charterholder.
Paige Meyer is an equity research analyst at CFRA. She is responsible for providing differentiated and actionable research and recommendations on equities in the Energy and Utility sectors. Paige’s areas of focus include: exploration and production, energy equipment and services, drilling, midstream, and gas utilities. She also authors two top-down industry primers: Energy Equipment & Services, and Gas Utilities.
Prior to joining CFRA in 2017, Paige gained her broad experience in the integrated oil and gas industry, working for Royal Dutch Shell. She had the opportunity to work across multiple business lines, including the upstream (onshore natural gas production), downstream (refinery), and global trading businesses.
Paige also has experience in consulting, focusing on credit risk.Paige holds a Bachelor of Business Administration degree from University of Michigan’s Ross School of Business.
Tim is a forensic equity analyst, covering Asia-Pacific compannies. Tim is responsible for helping CFRA’s clients better understand underappreciated differences between financial results and underlying economic reality. Tim joined CFRA as a member CFRA’s bespoke research team, and after spending a little over a year with this team, he transitioned to CFRA’s proactive idea generation team.
Prior to joining CFRA in 2017, Tim spent four years at KPMG in their Deal Advisory and Audit practices. Tim holds a master’s degree in Accounting and a B.S. in Business from Ohio State University. He is also a CFA and a licensed CPA.
John is Vice President of Equity Research. He joined CFRA in April 2019. He is responsible for fundamental equity research and analysis covering several segments within the Information Technology and Communication Services sectors, including enterprise software and SaaS/cloud providers, Internet advertising/social media platforms, and game developers.
Prior to joining CFRA, John co-founded Samadhi Capital Partners, an investment advisor and equity research firm where he developed an investment process and framework targeted at tech sector equities, with a particular emphasis on gauging the impact of and identifying the long-term winners from artificial intelligence, machine learning, deep learning, neural networks, and related developments categorized under the larger “cognification of software” mega-trend. Before his entrepreneurial stint, he served as Senior Analyst and Portfolio Manager at Sands Capital Management, responsible for the firm’s investments within the tech sector.
John began his career in equity research with an independent equity research firm, Precursor, where he was ranked as the top analyst covering network equipment stocks among independent research firms. He also spent the first dozen years of his career in various roles within the tech industry. During this time, he published dozens of white papers and research reports on topics ranging from network processors, Virtual LAN (VLAN) technology, and the historical evolution of enterprise application architecture.
John graduated from Harvard University with a BA in East Asian Studies.
Matthew is Vice President of Equity Research at CFRA. He is responsible for providing differentiated and actionable research and recommendations on equities in the Materials and Industrials sectors. Matthew’s areas of focus include: metals & mining, construction materials, containers & packaging, and building products. Matthew previously held the position of Industry/Equity Analyst at S&P Global Market Intelligence.
Matthew joined CFRA in 2016 and S&P Global in 2014, after working on the buy-side as an Equity Analyst at London Capital Management in London, Canada, where he covered North American stocks in the Energy and Consumer Staples sectors. Prior to joining the equity research industry, Matthew worked as a Financial Analyst for companies in both the retail and fitness areas.
Matthew holds his Bachelor of Business Administration degree from Colorado State University and his MBA from Concordia University in Montreal, Canada. He is also a CFA charterholder.
As Chief Investment Strategist, Sam Stovall serves as analyst, publisher, and communicator of CFRA’s outlooks for the economy, market, and sectors. He is the author of The Seven Rules of Wall Street and The S&P Guide to Sector Investing. He also writes weekly “Sector Watch” and “Investment Policy” reports on CFRA’s MarketScope Advisor platform, and maintains the Industry Momentum and Seasonal Rotation portfolios. His work is also found in CFRA’s flagship weekly newsletter The Outlook.
Prior to joining CFRA, Sam was Managing Director and Chief Investment Strategist at S&P Global for more than 27 years and served as Editor-in-Chief at Argus Research, an independent investment research firm in New York City.
He received an M.B.A. in Finance from New York University and a B.A. in History/Education from Muhlenberg College, in Allentown, Pa. Sam is also a Certified Financial Planner.
Sam’s volunteer efforts center on financial literacy. He is a board member of W!SE (Working in Support of Education), an educational not-for-profit that aims to improve the lives of young people through programs that develop financial literacy and readiness for college and careers. He is also a Trustee of Muhlenberg College.
Follow Sam on Twitter: @StovallCFRA
Dan Parker brings to CFRA a distinguished career of more than 20 years working in sales in the financial services industry. Prior to joining CFRA, Dan was the Global Head of Sales at CreditSights. In that role, he helped to significantly grow the revenue and expand the margins, leading to a sale to Fitch Solutions. Leading a team of over 60 employees around the globe, he implemented a value-based and solutions-oriented sales focus, spearheading sales efforts across all client segments.
Prior to joining CreditSights, Dan was a Managing Director at Moody’s Analytics, leading software & analytics sales teams. He was also the Director of Business Development at EDGAR Online. He is a graduate of Boston University with a degree in Marketing.
Prior to joining CFRA, Todd previously served in other financial positions at S&P Global, such as International Mutual Fund Sector Specialist, Large Cap Value and Large Cap Growth Analyst and has served on the Fund Services Asset Allocation Committee. Prior to joining S&P Global in 2001, Todd was managing editor of Value Line Mutual Fund Survey and Senior Large Cap and Small Cap Value Mutual Fund Analyst. He was also a Financial Advisor with Morgan Stanley.
Todd holds a B.G.S in Finance from the University of Michigan and an MBA in Finance from New York University.
Follow Todd on Twitter at: @ToddCFRA
Prior to joining CFRA, Lindsey worked as an Investment Strategist with S&P Global within the Investment Advisory Services division. She worked in several different capacities at TheStreet.com before that, from helping to manage Jim Cramer’s small and mid-cap Charitable Trusts, to leading trader blog conversations and writing research. She learned the ropes as an equity research analyst at J.P Morgan and Deutsche Bank covering retail companies, and began her career in investment banking with Jefferies & Company’s Mergers & Acquisition group.
Follow Lindsey on Twitter: @LBellCFRA
Prior to joining CFRA and S&P Global, Tuna was a Senior Equity Analyst at Lehman Brothers, New York. He participated in key decisions by the firm’s Investment Policy Committee and was highly instrumental in managing a multi-capitalization equity portfolio, with primary focus on the Technology, Media and Telecom (TMT) sectors. Tuna also gained extensive global consulting experience in his previous roles at Arthur Andersen and KPMG.
Tuna earned an MBA in Finance from the Strathclyde University Business School in Scotland, U.K. He also holds a B.Sc. in Accounting from University of Nigeria as well as LL.B. (JD). Tuna is a CFA charterholder and a Certified Public Accountant (CPA).
Theresa is the President & COO at CFRA. Theresa oversees the company’s entire global operations and drives strategic initiatives to maximize CFRA’s strengths and position for the next stage of growth. Theresa is also a key member of CFRA’s Board of Directors.
Theresa was most recently the Senior Director of Finance, Corporate Controller for SNL Financial (now part of S&P Global) where she worked for approximately ten years in helping the business to scale to $250 million in revenues and over 3,000 employees. Prior to SNL Financial, she was Director of Business Management with LexisNexis and a Consulting Manager with Grant Thornton LLP.
Theresa graduated from the University of Virginia with a BA in Mathematics and holds an MBA from the Raymond A. Mason School of Business, William & Mary.
Paurav Lokesh is the Global Head of Technology. Paurav leads a diverse team of IT professionals, establishing a strategy for our technology teams, translating them into sets of client-facing deliverables, and managing them on elastic infrastructure through Agile DevOps processes and continuous delivery workflows.
Prior to joining CFRA, Paurav worked at various financial institutions as Senior Software Development Manager. He also served as a member of the Technical Governance Panel and chaired the internal Web Community that championed best practices for Web and Mobile development.
Paurav graduated from Visvesvaraya Technological University in Belagavi, Karnataka, India, with a BS in Information Science. He also holds an MBA in Computer Science from Old Dominion University, Norfolk, VA.