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Industrials: Week in Review

BASIC INDUSTRIES
  • Industrial spreads were scattered around unchanged with a marginal widening bias. Cash quoted IG names Berry Global and Rolls-Royce close wider due to lower bund yields over the week.
  • CNH Industrial was the only issuer to price with a 7 year. K+S have mandated a €500mn 5Y for next week.
  • Norsk Hydro was upgraded one notch to Baa2 by Moody’s and Louis Dreyfus was upgraded one notch to BBB+ by S&P.
  • Emerson divested their Copeland interests, deleveraging an already conservative balance sheet.

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