Carlos Slim's Backing Triggers Best Bond Rally in Latin America [BNN Bloomberg (Canada)]
Braskem SA ADR (BAK)
US:NYSE Investor Relations:
braskem.com.br/ri/home-en
Company Research
Source: BNN Bloomberg
Debt from petrochemical company Braskem Idesa SAPI has handed money managers a return of 26% in 2024, the best in a Bloomberg index of peers. It followed a two-year decline that had wiped out more than 40% of the bonds' value amid high interest rates and falling margins. The bond rally came after Carlos Slim's bank took part in the last leg of funding for an import terminal that will increase the company's output by about a fifth. The $408 million loan announced last November implies the support of a man with a personal fortune estimated by Bloomberg at $98.2 billion. The ethane terminal is set to be completed by the end of the year, just as a brighter outlook for the global economy is set to benefit the petrochemical industry. “The fact that they put in a large chunk of money into the terminal financing suggests that they're indirectly supporting Braskem Idesa,” said Alexis Panton, a credit analyst at BNP Paribas. Slim's “companies have had a strong backing in the bond market.”
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BAK
Sec Filings
- 5/6/24 - Form 6-K
- 5/1/24 - Form 6-K
- 4/30/24 - Form 6-K
- BAK's page on the SEC website