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BASIC INDUSTRIES: Covestro (COVEGR Baa2/NR/NR): Adnoc Nearing Deal

BASIC INDUSTRIES
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  • Both Bloomberg and the WSJ report that Adnoc (Aa2/AA) has reached a deal to acquire Covestro for close to €12bn. The €62 / share deal could be announced today after more than a year of talks.
  • Should be positive for Covestro although this is already largely reflected in spreads. While a strong parent fundamentally, recently issued 10-year ADNOCM $ trade at Z+135.
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  • Both Bloomberg and the WSJ report that Adnoc (Aa2/AA) has reached a deal to acquire Covestro for close to €12bn. The €62 / share deal could be announced today after more than a year of talks.
  • Should be positive for Covestro although this is already largely reflected in spreads. While a strong parent fundamentally, recently issued 10-year ADNOCM $ trade at Z+135.