化学品周报 - 截至07/03/25

Chemicals WeeklyRel Val9e微信 Andrew Casella,CFAResearch Analyst+1-212-250-0777Amelia SrebnikResearch Associate+1-212-250-0775Nirav ShahResearch Associate HY PerformanceTablesFigure 1: Performance Scorecard - BAML ICE Indices, as of 07/03/25High Yield Performance Scorecard (ICE BAML)Yield to WorstTime PeriodHYBBBCCCHY ChemCurrent7.02%5.85%7.04%12.70%6.66%HOCH Indexreading at beginning of the..Week7.11%5.86%7.15%12.86%6.67%Month7.11%5.86%7.15%12.86%6.67%Quarter7.11%5.86%7.15%12.86%6.67%Year7.47%6.43%7.54%11.87%7.14%A from currentWeek(6)(1)(11)(16)(1)Month(6)(1)(11)(16)(1)Quarter(9)(1)(11)(16)(1)Year(46)(58)(50)83(48)Source : Deutsche Bank, Bloomberg Finance LP and BAML ICE (HOCT Index)91eCPage 2 Weekly MoversFigure 2: Weekly Movers ($/YTW/OAS), Prices as of 07/03/25WoW Change$ PxWoWCC 5.75 '28 (Sr)80'661.11CC 5.75 '28 (Sr)CC 4.625 '29 (Sr)86.700.84FXIHLD 12.25'26 (1L)FXIHLD 12.25'26 (1L)88.400.51CC 4.625 '29 (Sr)OLN 5.625'29 (Sr)99.180.50 MORTON 4.875 '28 (1L)MORTON 4.875'28 (1L)97.230.49CC 5.375 '27 (Sr)MORTON 6.625'29 (Sr)98.070.34OLN 5.625'29 (Sr)OLN 6.625'33 (Sr)98.540.32MORTON 6.625*29 (Sr)VVV 3.625'31 (Sr)90.520.30VVV 3.625'31 (Sr)CC 5.375 '27 (Sr)98.870.25OLN 6.625'33 (Sr)AXTA 3.375 '29 (Sr)94.480.07AXTA 3.375 '29 (Sr)OLN 5 '30 (Sr)96.570.01OLN 5 '30 (Sr)(0.02) PRIMIN 9 '30 (Sr)PRIMIN 9 '30 (Sr)68.29AXTA 4.75 '27 (Sr)99.38(0.13) AXTA 4.75 '27 (Sr)UNVR 8.5 '30 (1L)107.10(0.32) LNZING 4.75 '28 (1L)LNZING 4.75 '28 (1L)89.69(0.50)UNVR 8.5'30 (1L)TROX 4.625'29 (Sr)87.54(2.07)TROX4.625'29 (Sr)Source : Bloomberg Finance LP and Deutsche BankDeutsche Bank Securities Inc. Select Chemicals EquityPerformance TablesFigure 3: Select Equity Comparables, Prices as of 07/03/25CompanyTickerMkt CapTotal DebtCashNet DebtEVSalesAshland IncASH$2,453$1,468$168$1,300$3,753$1,950Cabot CorpCBT$4,210$1,242$213$1,029$5,239$3,908Croda International PLCCRDA$4,206$699$167$532$4,738$1,628Ecolab IncECL$77,708$8,283$1,163$7,120$84,828$15,685Evonik Industries AGEVKIF$8,020$3,907$733$3,174$11,194$15,138Ingevity CorpNGVT$1,705$1,455$72$1,383$3,088$1,350NewMarket CorpNEU$6,956$1,062$118$944$7,900$2,791Orion SAOEC$633$1,02888$066$$1,623$1,852Ecovyst IncECVT$986$894$127$767$1,753$706Lanxss AGLXS GY2,1833,0124202,5924,7756,360Quaker Chemical CorpKWR$2,197$735$186$549$2,746$1,813Mean -Specialty Chemicals$11,328Median-Specialty Chemicals$4,521Albemarle CorpALB806'2$$4,084$1,519$2,565$10,473$5,094Sociedad Quimica y Minera de CSQM$10,265$4,819$1,656$3,163$13,427$4,481Mean - Lithium$11,950Median - Lithium$11,950Ashland IncASH$2,453$1,468$168$1,300$3,753$1,950Croda International PLCCRDA$4,206$699$167$532$4,738$1,628DSM BVDSMNA$3,118$2,755$363NA$8,390Givaudan SAGIVN$35,734$4,7516vL$$4.002$39,736$7,412IFFIFF$19,524$9,621$613$9,008$28,532$11,428Kerry Group PLCKYGA$15,046$3,464$1,610$1,854$16,900$6,929Symrise AGSY1$12,719$2,532$709$1,823$14,542$4,999Mean - Ingredients & Additives$18,034Median - Ingredients & Addiives$15,721Element Solutions IncESI$5,820$1,906$499$1,406$7,226$2,476Entegris IncENTG$13,117$4,067$341$3,726$16,843$3,243Mean-Electronic Materials$12,035Median - Electronic Materials$12,035Brenntag SEBNR966'L$$3,512$739$2,773$10,769$16,307IMCD NVIMCD$6,667$1,725$525$1,200$7,867$4,728Mean - Chemical Distributors$9,318Median -Chemical Distributors$9,318Source : Bloomberg Finance LPPage 4 Relative Value TablesNote: Highlighted issuers have financials which are subject to a Virtual Data Room and are not available to be published.Figure 10: Select Fixed Income Comparables - HY Chemicals, Prices as of 07/03/25 Appendix 1Important Disclosures*Other information available upon requestDeutsche Bank may have shown incomplete disclosure information in its High Yield industry reports until 19th March 2021.If you require any further information please contact DVS.Support@db.com.Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localFor historical recommendations pertaining to a security mentioned in this report, please click hereAnalyst CertificationThis report covers more than one security and was prepared by more than one analyst. The views expressed in this reportaccurately reflect the personal views of each undersigned lead analyst about the subject issuers covered by each, and thesecurities of those issuers. In addition, the undersigned lead analysts have not and will not receive any compensation forproviding a specific recommendation or view in this report. Andrew Casella, Amelia Srebnik.Page 12 Deutsche Bank Securities Inc. Deutsche Bank debt rating keyBuy: These bonds are expected to outperform other issues inthe sector/industry group over the next three to six-monthperiod.Hold: These bonds are fairly valued currently. If owned, noneed to sell, but we await events/ releases/ conditions thatwould make the bond attractive enough for us to upgrade. Inthe interim, the bond will likely perform as well as the averageissue in the sector/industry group.Sell: There exists a significant like