High yield traders eye Ineos as busy reporting week kicks off

Ineos is set to report second quarter headline figures today, ahead of full results due on 13 August. Sentiment on the troubled chemicals giant has improved recently and last week the company’s market update suggested improvements in some areas of its business.

Although Ineos five year credit default swaps are currently quoted around 19 points upfront, the name has come in steadily since the start of July, when it traded around 26 points. The last time it was below 20 was in early May.  

Sources point out that this week will be a busy one for high yield quarterly results, with Evolution Securities noting that some 40 companies are due to report. These include Agco, Continental, CETV, HeidelbergCement, ONO, Virgin Media and Rhodia.