欧洲投资级化学品：速度的需求

Europe Credit Research17 June 2025JPMORGANContentsRelative Value2Trade Idea33M (N)4Air Liquide (OW)6Akzo Nobel (OW)8Arkema (UW)10BASF (N)12Bayer (UW) 14Brenntag (N)16Clariant (UW)18Covestro (OW)20DSM-Firmenich (UW) 22Eastman (N)24Evonik (OW)26IMCD (OW)28K+S (N)30Lanxess (UW)32Linde (OW)34Solvay (OW)36Syensqo (OW) 38Syngenta AG (N)40Westlake (N)42Europe Corporate Credit - Manufacturing & General Industrials and Basic MaterialsEd McGuinness, CFA AC(44-20) 7134-0456ed.mcguinness@jpmorgan.comBenjamin Defay(33-1) 4015 5047ben.defay@jpmorgan.comGuillaume Jouandin(44-20) 7134-1538guillaume.jouandin@jpmorgan.comJ.P. Morgan Securities plcWe think H2 2025 is likely to be another weak period for the sector, following limited signs of recovery in the first half of the year, driven by tariff uncertainty, but also continued weakness in key end markets. As expected, the commodity focused companies are highlighting more severe weakness than the specialty companies which have better margin preservation