TDA expanded rapidly in 2011 as a by-product of North American producers having a feedstock cost advantage over its competitors in Europe and Asia, NOVA Chemicals has been operating with a very conservative balance sheet with net debt near zero over that period. 2017 has seen a change in the capital structure

is largely in-line, along with the macro backdrop calling for modest growth, we rate the sector Market Perform. Recommendations mciude riinseo and NOVA Chemicals Our BUY recommendations in the Chemicals sector include the Trinseo 5.375% Senior Notes '25 and the NOVA Chemicals 4.875% Senior Notes '24, 5.000%

1% GCP 6/25/17 NOVA Chemiceds Senior Notes 51950 Jun-24 942/99+ 4.876% NCI. 100 000 4876% Acquisition of Morns Partners assets 5/215117 NOVA Chemicals Sena Notes 51950 Jun-27 9a2/B6. 5.250% NCI. 100 000 5250% Acquisition of %moms Partners assets 512W17 Consolidated Energy Senior Notes S