The Chemours Company

Chemours runs two segments on one balance sheet. Thermal & Specialized Solutions sells Opteon refrigerants into a patent-protected duopoly with Honeywell running to 2030, against regulatory phase-downs that mandate the switch: the AIM Act in the US and the EU F-Gas Directive. Titanium Technologies sells a commodity pigment into housing and autos at cycle lows. The market priced the whole credit off the cyclical segment and off PFAS headlines, which is what made the 2028s cheap in late 2025.

That gap has largely closed. The 5.75% 2028s have gone from 95.3 to 98.9 and the 2029s from 86.7 to 94.4, through target on both. The structural argument still holds. TSS still carries the credit, the MOU still caps shared PFAS exposure at $4B, and leverage is still on a path to mid-3x. But there is no longer a discount to be paid for owning it, so market weight from here, held for the next dislocation rather than the current level.

What would change my mind. A TiO2 recovery showing up in realized pricing rather than in commentary would put the credit back on improving fundamentals and make the long end interesting again. In the other direction, total PFAS claims breaching the $4B MOU cap, where the 50/50 cost-share with DuPont and Corteva stops and Chemours owns 100% of the excess. The near-term indicator is the AFFF MDL, covering the non-water personal injury claims that sit outside the settled $1.185B public water class action.