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Bond Market News
Braskem Idesa’s Dollar Bonds Drop 3 Points
October 18, 2023
Braskem Idesa’s dollar bonds were among the top losers with its 6.99% 2032s down 2.6 points and 7.45% 2029s down 3.1 points to trade at 57.3 and 59.71, yielding 16.6% and 18.9% respectively. While there was no news specific to the fall in their bonds, the company has been keenly watched given the earnings season where Fitch expects its EBITDA and liquidity to weaken. A few months ago, Braskem Idesa was downgraded to B+ from BB- by Fitch citing a “material reduction in the outlook for polyethylene (PE) and a slower-than-expected market recovery path”.
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Braskem Idesa Upgraded to BB- by Fitch
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Braskem Idesa Downgraded to B+ by Fitch
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