May 21, 2024 12:49 GMT
Westlake (Baa2/BBB/BBB): Divergence
BASIC INDUSTRIES
- WLK 1.625 29 widened 15bp last week, has recovered 4bp this week.
- We haven’t seen news; equity and $ credit remain near YTD highs.
- WLK $ trades flat to LYB (Baa2/BBB/BBB), 0-5 wide to DOW (Baa1/BBB/BBB+).
- At Z+120 WLK 1.625 29 screens 20-25bp cheap using those comps.
- 1Q24 results were solid https://marketnews.com/westlake-baa2-bbb-1q24-results
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