Chemical companies are falling deeper into financial distress as the sector faces oversupply from China and rising energy costs.
The amount of debt issued by the industry that is trading at a discount of more than 20% from face value has ballooned to $29.4 billion as of Oct. 17 up from about $5.5 billion on Nov. 1 2024, according to data compiled by Bloomberg.
The surge makes it the second-largest distressed sector after real estate, which has more than $191 million of debt trading in territory that signals financial pain, Bloomberg data show. Software services follows with $24.5 billion.
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