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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

Chemours 3Q18: Excess TiO2 Supply Pressures Growth

Earnings Note: 04 Nov 2018, 10:16 PM ET - Chemours operational improvement moderated in 3Q18 driven by a revenue decline in the TiO2 business as inventory destocking pressures growth.

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

Chemours 2Q18: Shareholder Story Through 2020

Earnings Note: 05 Aug 2018, 9:50 PM ET - Chemours' operational performance improved on higher TiO2 prices and the continued uptake of Opteon. However, we see little upside from current levels given current spreads and the company's focus on returning cash to shareholders.
Focused

Chemours: Issuing €450 million of 8-year/NC3 Notes

HY Note: 21 May 2018, 11:58 PM ET - Chemours is in the market for €450 million of 8-year/NC3 notes, which will be used to refinance existing debt. Based on where similarly rated Progroup's 8yr/NC3 senior secured notes trade, we would not be buyers below 3.6%.
Focused

Chemours 1Q18: Mour Growth

Earnings Note: 06 May 2018, 9:34 PM ET - Chemours continues to benefit from higher TiO2 prices and demand growth for refrigerants. However, we affirm our Underperform recommendation largely on relative value.

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

February 2018 US Company Recommendation Changes

US Company Recommendation Changes: 28 Feb 2018, 11:30 PM ET - Our monthly report provides executive summaries for the thirty-four company recommendation changes made on North American companies during the month of February.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
Focused

Chemours 4Q17: Fluoroing It

Earnings Note: 19 Feb 2018, 9:26 PM ET - We move to an Underperform recommendation on Chemours driven by the company's strong operational performance. The strong growth should persist into 2018 driven by continued growth in both Titanium Technologies and Fluoroproducts.
Focused

DD: PFOA Ep. II: Ohio AG Strikes Back, Files Suit

Worth Watching: 08 Feb 2018, 11:02 PM ET - DD & CC: The longstanding PFOA saga between DuPont (A3/A-) and Chemours (Ba3/B+) resumed, as the two were named as defendants in a lawsuit brought by Ohio Attorney General Mike DeWine in Washington County court on Thursday. The suit claims that ..

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.
Focused

Chemours 3Q17: TiO2 Trending

Earnings Note: 06 Nov 2017, 5:10 AM ET - Favorable market conditions in the  TiO2 industry largely drove the 46% growth in adjusted EBITDA. Our Outperform recommendation reflects the improving operational and credit profile as well as the pick-up in spread relative to Tronox.

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