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Covestro (COVEGR NR/Baa2/NR): Adnoc Headlines

BASIC INDUSTRIES

Small positive for spreads. ADNOUH (AA/AA) 29s trade at Z+93 area, but Adnoc would clearly be a strong parent fundamentally. COVEGR spreads are already quite tight so limited room to the upside.


  • Bloomberg reporting that Covestro is considering granting due diligence access to Andoc almost one year after its initial approach.
  • Covestro bonds don’t seem to have shown much positive spread reaction at the time.
  • Although the initial bid around €55 was rejected as too low, management kept the door open. The equity has remained elevated since although some peers have also recovered ground this year.
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