MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

BoE Data Watch

BoJ Data Watch

Fed Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Celanese 4Q: Deleveraging in a Difficult Environment

BASIC INDUSTRIES
  • Spreads are 1-2 wider today. We see room for downside risk after rallying to new tights YTD. Equity set to open lower with EPS guidance 20%+ below consensus for 1Q24.
  • CE reported overnight, missed slightly on revenue and EBITDA by -1 to -2%.
  • Leverage down to 5.1x from 7.1x (post M&A peak) YoY, aided by a large WC release. Remains well above L/T average of 2-3x.
  • Management commented on weak demand and pricing pressure. Expecting lower input costs and interest expense in 2024, but not forecasting top line growth at this stage.
  • We see heightened risk to their ability to continue deleveraging to 3x target in difficult conditions, which rating agencies will be focusing on. One to keep an eye on.
  • Earnings call 10AM EST https://event.choruscall.com/mediaframe/webcast.html?webcastid=dA9Btjro
BulletCredit BulletsCreditHomepage
BulletCredit BulletsCreditHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.