Phenolic resin and coating compositions using the same

A coating composition for a substrate comprising:

• a film-forming resin having a number average molecular weight (Mn) of at least 1000, wherein the film-forming resin comprises a core/shell acrylic latex material, or a polyester graft acrylic resin, or a combination thereof;
• and
• a phenolic resin comprising a reaction product of a reaction mixture comprising:
• a phenol group containing compound;
• and
• a glyoxylic acid containing compound;
• and
• wherein the film-forming resin has functional groups which are reactive with the functionality of the phenolic resin, wherein the coating composition comprises greater than 50% of the film-forming resin, based on the weight of the film-forming resin and the phenolic resin, and wherein the coating composition is substantially free of formaldehyde.