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BASIC INDUSTRIES: Westlake (WLK Baa2/BBB+/BBB): Revisiting RV

BASIC INDUSTRIES
  • Back in August we flagged WLK 1.625 29 trading 30+bp cheap to LYB and DOW curves, despite trading flat in USD https://marketnews.com/basic-industries-westlake-baa2-bbb-bbb-rv-update.
  • It’s now in line with LYB and ~5bp wide to DOW. Clearly this is a less well followed name in EUR.
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  • Back in August we flagged WLK 1.625 29 trading 30+bp cheap to LYB and DOW curves, despite trading flat in USD https://marketnews.com/basic-industries-westlake-baa2-bbb-bbb-rv-update.
  • It’s now in line with LYB and ~5bp wide to DOW. Clearly this is a less well followed name in EUR.