Analyst Kwaku Abrokwah is launching new coverage on the US Homebuilders credit with a Cautious view.

The analyst is Outperform on Toll Brothers (NYSE: TOL), In-Line on Lennar Corp. (NYSE: LEN) and KB Home (NYSE: KBH) and Underperform on Beazer Homes (NYSE: BZH).

Abrokwah recommends traders swap out of LEN 4.75s of 2021 and into KBH 7s of 2021, swap out of LEN 4.75s for 2027 and into TOL 2028s.

Abrokwah is also buying Len 4.75s 2027 against LEN 4.12s 2022 "for a belly flattener" and is buying BZH 2022s versus BZH 2027s.