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BASIC INDUSTRIES: Celanese (CE): Top Performer

BASIC INDUSTRIES
  • Outside of ERRFP (recovering post Muddy Waters rebuttal), CE looks the top performer in corps with the CE 29s -11bp.
  • We don’t see news, appears to be benefitting from the risk on move as one of the wider names.
  • The timing is interesting, yesterday Bloomberg reported of overcapacity in China {NSN SF8AXWT0G1KW <GO>}.
  • Barclays equity analysts recently published a note saying hope of a 2H sector recovery is waning, but the US remains advantaged by lower energy prices.

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