Corp bonds ease off but performance is excellent
Europe's investment grade bond market has slowed from a sprint to a jog, and now to a walk. On Wednesday, Westlake Chemical Corp is the only issuer, taking the baton from the indefatigable Aroundtown, which had kept things going on Tuesday.
Having finished its roadshow last Friday, the US petrochemicals and plastics company, rated Baa2/BBB/BBB, is offering initial price thoughts of 165bp over mid-swaps for a 10 year euro benchmark via Bank of America Merrill Lynch, Deutsche Bank and Goldman Sachs.
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