Chemicals, Paper & Packaging Weekly: Chemicals, Paper & Packaging Weekly Update

Research evidence excerpt

Chemicals, Paper & Packaging Weekly: Chemicals, Paper & Packaging Weekly Update

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Chemicals, Paper & Packaging Weekly

Update

Rating Change - Credit

CE: Downgrading 1.4s ’26 to MW from OW 29 June 2026

Downgrading Celanese’s 1.4% Sr. Nts. ’26 to Marketweight from Overweight just ahead High Yield

of their Aug. 5, 2026 maturity, with the bonds trading around par. United States

Industrials/Basic

CONSEN: Downgrading to MW from OW on falling prices

Downgrading Consolidated Energy’s 5.625s ’28, 5s ’28, and 12s ’31 to Marketweight

from Overweight as Valenz (Consolidated Energy’s selling affiliate) posted its July 2026 Roger Spitz

prices down 2% vs. June 2026, and being the first price reduction in 2026 (and since the Research Analyst BofAS

commencement of the Iranian conflict), showing the methanol prices are on their way +1 646 855 6946

down following the approximate cessation of the conflict and concomitant lower crude roger.spitz@bofa.com

oil prices, and now view these bonds as fairly priced relative to comps. Olivia Cui, CFA Research Analyst

BofAS

OI: Adding coverage of 9.5s ’33 with a MW rating +1olivia.cui@bofa.com646 855 6531

Starting coverage on O-I Glass’ 9.5% Sr. Nts. ’33 with Marketweight, in line with our

ratings on OI’s other bonds, and they look fairly priced relative to comps.

Exhibit 1:Table of Contents Exhibit 2: Notable Events for the Week Ending Jun 26, 2026

29-JUN-2026 Weekly Notable events in the Chemicals and Paper & Packaging sectors

Description Page June 26 Braskem filed for bankruptcy protection from creditors under the 2nd Bankruptcy and Judicial

Earnings Calendar 3

Reorganization Court of the Judicial District of the Capital of the State of Sao Paulo, though the Injunctive Clearwater Paper (CLW) 4 - 5