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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

Huntsman 3Q18: Finally Divesting Venator

Earnings Note: 31 Oct 2018, 12:45 AM ET - Huntsman reported stronger 3Q18 results due in part to a favorable comparison to hurricane related disruptions in 3Q17. However, underlying demand remained solid with volumes up across most of the portfolio.

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

Huntsman 2Q18: Rising Star

Earnings Note: 31 Jul 2018, 10:23 PM ET - We affirm our Outperform recommendation on Huntsman given the strong operational performance, the strong balance sheet, and the company's balanced capital allocation policy. 

Global HY/IG Strategy: Rising Stars

Strategy Analysis: 16 Jul 2018, 10:20 PM ET - We highlight the near- and medium-term rising star candidates from our sector research analysts. 

K+S: Not Worth (Your) Salt

Company Spotlight: 05 Jun 2018, 9:46 PM ET - We assign an Underperform recommendation on the K+S credit and its EUR notes. We believe investors can find better value in other similarly-rated chemicals names without the associated event risks and a clearer near-term outlook. 
Focused

Huntsman 1Q18: Waiting for IG

Earnings Note: 01 May 2018, 10:41 PM ET - Huntsman continues to make a strong case for investment grade ratings with another solid quarter, strong credit metrics, and a moderate capital allocation policy. 
Focused

Huntsman: Upgraded by Moody's to Ba1

Worth Watching: 16 Apr 2018, 9:59 PM ET - Huntsman (HUN: Ba1/BB+) had its Moody's senior unsecured rating upgraded from Ba2 to Ba1 and its outlook raised to positive from stable. The agency cited HUN's debt reduction in recent years and the company's stated goal of maintaining an inve ..

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 ..
Focused

Huntsman: Acquiring Demilec for $350 mn

Worth Watching: 13 Mar 2018, 10:17 PM ET - Huntsman (HUN: Ba2/BB) announced its intention to acquire Demilec, a manufacturer of spray polyurethane foam insulation systems, for $350 million from Sun Capital Partners. Demilec's insulation systems are used in both the residential and commer ..

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

Huntsman 4Q17: Got The IG Rising?

Earnings Note: 25 Feb 2018, 10:37 PM ET - Huntsman posted another strong quarter driven by strong growth in MDI. We affirm our Outperform recommendation on the stronger balance sheet, solid operating fundamentals, and favorable spreads relative to other higher quality names.

Clariant 2H17: Hello SABIC, Fairwell WhiteTale

Earnings Note: 19 Feb 2018, 9:13 PM ET - Despite a tumultuous 2017 that saw activist investor White Tale successfully block the anticipated Huntsman merger, the company was able to deliver solid performance as it capitalized on an improving economic and industrial environment.

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.

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