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Air Liquide: 3Q18 Revenue Update

Worth Watching: 25 Oct 2018, 8:25 AM ET - Air Liquide (A3/A-) had released its 3Q18 revenues update on Wednesday, October 24. Reported sales were up 6.6% YoY at €5.27 bn while comparable sales were up 6.0% YoY after accounting for a negative currency impact (-1.2%) on the back of a stro ..

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 ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

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 ..

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 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

Inovyn 3Q17: Bonds Being Called

Earnings Note: 01 Nov 2017, 9:45 PM ET - The increase in PVC and caustic soda volume and prices drove the 43% improvement in Inovyn's adjusted EBITDA and the company's credit metrics continued to improve on debt reduction coupled with debt reduction.

IG Basic Industries: Mid-Year Review

Sector Weightings: 14 Jul 2017, 5:30 AM ET - We review 1H17 performance for Basics compared to our outlooks, and then set the course for the remainder of the year, including some key themes and sector picks.
Focused

Inovyn 1Q17: Suppliers In Firm Control

Earnings Note: 10 May 2017, 12:01 AM ET - Inovyn 1Q17 margins  hummed along with healthy West EU PVC utilization, and management has offered early redemption for €60 mn of the outstanding 2021s.
Focused

Inovyn: Amending Credit Agreement

Worth Watching: 03 Apr 2017, 8:45 PM ET - Inovyn (B2/B) is seeking an amendment to its Senior Secured Credit Agreement. If successful, the amendment will reduce borrowing costs on the €634 mn outstanding Term Loan B maturing 2021 and €128 mn Term Loan A due 2021. The proposed amendment ..
Focused

Inovyn: Mercury Phase Out Tightens Fundamentals

Worth Watching: 27 Feb 2017, 10:16 PM ET - Inovyn (B2/B) 4Q16 sales decreased 9% yoy to €672 mn, and reported EBITDA was stable on a prior year comparison basis at €90 mn. Management estimated Eurozone SPVC operating rates in the low 90s through Q4, while caustic stocks continued to fal ..

January 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Jan 2017, 10:49 PM ET - Our monthly report provides executive summaries for the nineteen company recommendation changes made on European companies during the month of January.

IG Note: MLP Implications For Chemicals

IG Note: 26 Jan 2017, 2:40 PM ET - The IRS and U.S. Department of Treasury regulations designate certain ethylene steam-cracker operations as MLP qualifying income, potentially presenting an opportunity for several companies over the coming years.

Chemicals 2017 Outlook: Consolidation and Capacity

Trends in Chems: 23 Jan 2017, 11:14 PM ET - We provide an overview of the key risks and outlook for the various industry sub-sectors and discuss the implications for U.S. and EU Chemicals issuers from triple-C to single-A.

European Basic Industries Thoughts for 2017

Transcript: 12 Dec 2016, 7:32 PM ET - In this article, we transcribe our presentation to CreditSights’ European Annual Conference, in which we outline our thoughts on the key themes and risks for 2017 in the European Basic Industries space.  

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