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BASIC INDUSTRIES: Week in Review

BASIC INDUSTRIES
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China banned US exports on certain precious metals. This wasn’t a great surprise, and imports have largely moved elsewhere already. Rio Tinto announced plans to ramp up capex targeting copper and lithium growth for the energy transition.

  • Spreads had a strong week at -8bp with several double-digit movers. MTXGR (-24) reacted positively following FY25 guidance last Friday. CE (-19) recovered some recent underperformance post downgrade.
  • DS Smith was a late reporter, with weak markets confirmed. The release was largely a non-event ahead of the merger with IP.
  • Safran’s CMD disappointed equity markets, providing guidance shy of lofty growth expectations. While shareholder returns are to step up we see the credit as well supported.
  • Honeywell trimmed guidance as part of a new collaboration with Bombardier, settling outstanding litigation in the process.
  • Einhorn’s move into Lanxess provided an interesting headline, but has no read through for credit at this point.
  • We had one deal in primary, with Johnson Controls pricing a 9Y with minimal NIP.
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China banned US exports on certain precious metals. This wasn’t a great surprise, and imports have largely moved elsewhere already. Rio Tinto announced plans to ramp up capex targeting copper and lithium growth for the energy transition.

  • Spreads had a strong week at -8bp with several double-digit movers. MTXGR (-24) reacted positively following FY25 guidance last Friday. CE (-19) recovered some recent underperformance post downgrade.
  • DS Smith was a late reporter, with weak markets confirmed. The release was largely a non-event ahead of the merger with IP.
  • Safran’s CMD disappointed equity markets, providing guidance shy of lofty growth expectations. While shareholder returns are to step up we see the credit as well supported.
  • Honeywell trimmed guidance as part of a new collaboration with Bombardier, settling outstanding litigation in the process.
  • Einhorn’s move into Lanxess provided an interesting headline, but has no read through for credit at this point.
  • We had one deal in primary, with Johnson Controls pricing a 9Y with minimal NIP.