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K+S 3Q18: Let It Snow, Let It Snow, Let It Snow

Earnings Note: 15 Nov 2018, 9:58 PM ET - We maintain our Underperform recommendation on K+S credit as we continue to doubt management's ability to bring around a timely turnaround and consistency to the Group's struggling operating performance.  

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.
Focused

K+S: Outlook Revised to Negative by S&P

Worth Watching: 20 Aug 2018, 11:46 AM ET - K+S (Ba1/BB) saw its credit outlook revised to Negative from Stable by S&P, while its long-term credit rating was reaffirmed at BB. S&P's outlook revision follows a weaker than expected 2Q18 earnings release, where the Group's operations were ne ..
Focused

K+S 2Q18: More Salt on the Wound

Earnings Note: 14 Aug 2018, 11:32 PM ET - K+S reported a weaker than expected quarter as production issues at the German mines, slower than expected ramp-up at the Bethune, adverse FX and higher freight costs more than offset increased volumes and higher potash prices. 
Focused

K+S: PT on New €400 mn 6-yr Notes at 3.25%-3.375%

HY Note: 11 Jul 2018, 7:19 AM ET - Updated price talk on K+S's new €400 mn 6-yr notes at 3.25%-3.375. We would be buyers of the new issue at 3.375% but maintain a cautious view on the underlying credit and our underperform recommendation on existing notes. 
Focused

K+S: In the Market to Refinance 3.125% 2018s

HY Note: 08 Jul 2018, 9:26 PM ET - K+S is reportedly in the market with new EUR notes. In this piece we look at the Group's credit quality and assess pricing on a relative value basis. 

June 2018 Company Coverage Initiated

Company Coverage Initiated: 01 Jul 2018, 9:52 PM ET - Our monthly report provides executive summaries for the fourteen companies on which we launched coverage in North America, Asia and Europe during the month of June.
Focused

Euro HY Conference 2018: K+S Transcript

Transcript: 21 Jun 2018, 9:03 PM ET - We discussed K+S at our recent Euro HY Conference in London and this is our transcript of the presentation. 
Focused

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. 

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.

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.

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