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Industrials: Week in Review

CAPITAL GOODS

Industrials spreads widened around 4bp on average. M&A dominated the newsflow; DS Smith agreed to be acquired by International Paper, leaving spreads 8bp wider WoW as Mondi would have been a preferable suitor for credit, see: https://marketnews.com/ds-smith-bbb-limited-impact... . Alstom is progressing with its disposal program helping spreads outperform slightly, see: https://marketnews.com/alstom-baa3-asset-sale-progressing . News of Schneider’s interest in Bentley Systems takes spreads 8bp wider WoW so far.


Evonik preliminary results were a non-event, while primary brought a dual tranche from Brenntag.

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