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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

LyondellBasell 3Q18: Ethane Is The Story

Earnings Note: 01 Nov 2018, 9:53 PM ET - Uncertainty looms as volatile ethane prices are expected to continue in the near term and the status of the leveraging Braskem transaction remains unknown.

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. 

Braskem: Petrobras Negotiating?

Worth Watching: 18 Aug 2018, 8:09 AM ET - Braskem: Petrobras' CFO Rafael Grisolia said in an interview that the O&G giant may abandon its plan to sell its shares in Braskem as the need to conduct asset sales is becoming less urgent for Petrobras against the backdrop of higher oil price ..
Focused

LYB 2Q18: EM Exposure Getting Closer

Earnings Note: 06 Aug 2018, 12:00 AM ET - LyondellBasell is currently in exclusive disucssions to acquire Braskem. We see the deal as a credit negative for LYB bondholders with credit deterioration and EM and political exposure. 

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
Focused

LyondellBasell: Braskem Signed by October?

Worth Watching: 12 Jul 2018, 9:52 PM ET - LyondellBasell entered into exclusive discussions with Odebrecht regarding a potential transaction to buy its controlling stake in Braskem on June 17, 2018. On July 11, 2018 the Brazilian newspaper Valor reported that Odebrecht is expected to sel ..
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LyondellBasell: Third Time’s a Charm with Braskem

Worth Watching: 17 Jun 2018, 11:57 PM ET - LyondellBasell announced today that it has entered into exclusive discussions with Odebrecht regarding a potential transaction to acquire its controlling stake in Braskem. The Brazilian plastics and petrochemicals group is the largest producer ..
Focused

LyondellBasell: Second Attempt for Braskem

Worth Watching: 28 May 2018, 9:54 PM ET - LyondellBasell: press reports surfaced that Lyondelbasell has prepared an offer to Odebrecht for the control of Braskem. the Brazilian plastics and petrochemicals group is the largest producer of thermoplastic resins in the Americas and the lar ..
Focused

LYB 1Q18: NA Ethylene Margin Pressure - PE Strong

Earnings Note: 29 Apr 2018, 9:59 PM ET - LyondellBasell reported strong 1Q18 results. Top line grew 16% yoy, and adjusted EBITDA jumped 18%. M&A risk remains on the radar, while we expect the recent $2.25 bn acquisition to close in 2H18.

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

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 ..
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LyondellBasell: US Antitrust Green Light

Worth Watching: 21 Mar 2018, 11:33 PM ET - LyondellBasell (Baa1/BBB+) announced that the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, with respect to its pending acquisition of A. Schulman. The t ..

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. 
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LyondellBasell: Acquires A. Shulman for $2.25 b

Worth Watching: 19 Feb 2018, 10:58 PM ET - LyondellBasell (Baa1/BBB+) announced its plan to acquire A. Shulman, which is a plastic compounds supply company based in Ohio. The companies have entered into a definitive agreement, under which LyondellBasell will acquire A. Shulman for a tot ..
Focused

LyondellBasell 4Q17: Stronger Shale Gas Advantage

Earnings Note: 04 Feb 2018, 11:33 PM ET - LyondellBasell reported 4Q17 results, with better than expected earnings. EBITDA increased 25% yoy to $1.61 bn, however the O&P EAI segment experienced 35 bps EBITDA margin compression mainly due to higher feedstock costs.   
Focused

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.

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