Figure 20: High Yield Chemicals BB Relative Value - Leverage vs. SW/
500
400
ASH 6875%43
•
300
NCX 5 •250%27 WA 3750%75 CF 53;55%'41
•
CF 4510%13
NCX 5000%15
a NCX 4475%14 Egi
CC
n 7.
VEIWAT 5 SOW14 625%24
25
g
AXTA 4 250%124
•
005125%27
CF 5140%14
200
NCX 5250%73
• HUN425% 21
VW 5,
cells% 73
VIA 5.125%21 CAN 10.000%25
• AX7A 4750%72
0411 9 ♦ CF 3.450%73
0,15 •
HUN 1125%72
•
HUN 41375%70
100 •-•
CF 7.125%70
•
Deutsche Bank Securities Inc
0
00x 1 Ox 20x 3.0x 40x 50x hex Tex
Total Debt / (3M EBITDA
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CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086597
CONFIDENTIAL SDNY_GM_00232781
EFTA01385313