Fixed Income Analysis /

Weekly Credit Risk Monitor

    Stuart Culverhouse
    Stuart Culverhouse

    Chief Economist & Head of Fixed Income Research

    Tellimer Research
    15 March 2018
    Published byTellimer Research
    Credits in Focus – Brazil’s Unigel Luxembourg, S.A., is set to issue a debut international bond (B+/B+) guaranteed by Unigel Participações, S.A. Unigel is one of Latin America’s largest chemical companies and a leader in acrylics and styrenics. The mandate is for an intermediate tenor (which we assume could be seven years). Based on comparable credits in this rating range, we believe the bond should price in the 6.5-7.0% range.