EFTA Document EFTA01385299

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Trend of Elevated Margins Expected to Continue U.S. ethylene up-cycle to persist through 2020 Despite Brent oil prices rising 100°/ei from their January 2016 lows of S26/bbl, prices remain -40% below their June 2014 highs of $107/bbl. While lower oil prices have reduced U.S. ethylene profitability, we still expect U.S. ethylene margins to remain strong and U.S. ethylene producers to remain advantaged versus oil-