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Investment Grade – Basic Materials(IG): Third

Caroline Brugère
Crédit Agricole Corporate Investment Bank

Based in Paris and working solo, Caroline Brugère of Crédit Agricole Corporate Investment Bank debuts in third place. She actively tracks seven companies but plans to expand coverage in the year ahead. Though cautious on European construction names, in general, she prefers builders with strong geographic diversification over metals producers that are facing global overcapacity. In November she upgraded Lafarge bonds from reduce to add, after the French cement and construction outfit posted quarterly operational improvements. By mid-January its 6.75 percent 2019 notes had tightened by 102 basis points, or roughly 26 percent. “She’s the epitome of the analyst’s analyst,” proclaims one London-based buy-side backer. — Ben Mattlin

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