BASIC INDUSTRIES: Celanese (CE Ba1[N]/BB+/BBB-): Capital Structure Update
Mar-20 09:41
Supportive for the credit. We continue to see value in the recent CE 5% 31.
Most points are unchanged in this release, but additional divestments remain a key driver. These were characterised as “opportunistic” at the 3Q earnings call which preceded the downgrade. As it targeted IG throughout, it may be firming up its disposals with that in mind.
- Following its recent issuance, Celanese has released an updated presentation. It continues to target 3x net leverage.
- Excess cash will be used to retire debt.
- It reiterated shareholder returns are largely on hold.
- Additional divestments are being actively pursued.
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FOREX: FX OPTION EXPIRY
Feb-18 09:25
Of note:
EURUSD 3.23bn at 1.0400/1.0450.
EURUSD 1.55bn at 1.0500 (wed).
USDJPY 1.34bn at 152.00 (wed).
USDCNY 1.9bn at 7.2740/7.2775 (thu).
EURUSD 5.02bn at 1.0450/1.0470 (mon).
- EURUSD: 1.0400 (741mln), 1.0425 (713mln), 1.0430 (234mln), 1.0440 (272mln), 1.0445 (461mln), 1.0450 (812mln), 1.0480 (230mln), 1.0500 (510mln).
- USDCAD: 1.4185 (470mln).
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