Westlake’s euro debut twice covered in empty market

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By Alex Radford
10 Jul 2019

Westlake Chemical, the Houston-based petrochemicals and plastics company, issued its first euro bond in a deserted investment grade corporate market on Wednesday. With other issuers absent because of earnings closed periods, Westlake's €700m 10 year achieved a decent book and spread tightening that was decent, if not large by recent standards.

“The market is holding up absolutely fine,” said a banker away from the deal. “This tail-off in supply is kind of natural, both given the fact we are approaching the holiday seasons, and that it has been an extremely busy first half of the year.”

She added: “it wouldn’t ...

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