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’Goldman stands apart on Lyondell losses
Goldman Sachs’ decision to write down $850m of its loans to LyondellBasell, unveiled in the US bank’s Q1 results this week, stands in sharp contrast to efforts by Lyondell’s other creditors – such as Citi,
CDS report: Credit markets muted; CS posts SFr 8.22bn loss
Trading activity in European credit markets began on a quiet note again on Wednesday, with little news to excite apart from Credit Suisse’s announcement of a larger than forecast loss of SFr8.22bn (€5.5bn),
CDS report: Banks suffer as market rallies
European banks were under pressure in generally more positive credit markets on Friday, after the German government’s €10bn capital injection for Commerzbank underlined the difficulties still faced by banks even after widespread bailout packages.
Citi in $1.4bn loss over LyondellBasell
Citigroup is to suffer a $1.4bn loss on its loans to LyondellBasell, the chemical group that placed dozens of its subsidiaries under bankruptcy protection this week after failing to restructure $26bn in debt.
CDS update: US weakness weighs on Europe
This CDS report was written by Markit’s Gavan Nolan
European credit indices gave back some of their gains this afternoon following disturbing news from the US. This morning saw a continuation of the recent rally,
LyondellBasell seeks cover
LyondellBasell, the world’s third-largest petrochemicals company, on Tuesday filed to place 79 of its global affiliates under bankruptcy protection after an unsuccessful attempt to restructure its $26bn of debt.
Lex on ‘chemical imbalances’
Plastic might be forever; but not the companies that help make it, notes Lex. Two of Europe’s biggest chemical companies, LyondellBasell and Ineos, are struggling under huge debts. Meanwhile, Dow Chemical,
Lyondell Basell files for bankruptcy
The giant chemicals and petrochemicals company (the third largest in the world) has filed for chapter 11 bankruptcy. It was barely a year ago, in December 2007 that Dutch firm Basell took American chemical company Lyondell private for $48 a share,
LyondellBasell fights for survival
LyondellBasell’s bondholders were Monday braced for large losses after it emerged the world’s third largest petrochemicals company was on the brink of bankruptcy. The price at which the company’s bonds on Monday traded indicated that LyondellBasell’s bonds are worth not much more than 10% of face value.
CDS update: an uncertain start to the year
This CDS report was written by Markit’s Gavan Nolan
European credit indices recovered their losses from Friday in an uncertain start to the year. The Markit iTraxx Europe index rallied by about 4bp in a quiet start to what promises to be an eventful week.