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BASIC INDUSTRIES: Albemarle (ALB Baa3/BBB[N]/BBB): Euro Outperformance

BASIC INDUSTRIES
  • ALB equity is at 3-year lows with lithium prices depressed.
  • €ALB 1.625 11/28 is only 3bp from the tights despite recent euro credit weakness. $ALB 5.05 06/32 is 14bp off the tights.
  • We have no credit view on the company; they raised $2bn in convertible prefs back in March to fund their lithium expansion.

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