High Yield Bond Research – April 10, 2019Posted on April 10, 2019
|Key Gainers and Losers||Volume Leaders|
|Petrobras Global Finance BV 8.75% 5/23/2026
Petrobras Global Finance BV 7.375% 1/17/2027
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. Staples Inc. (USD) 10.75% 4/15/2027 144A (04/09/2019): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 10.75%.
2. Staples Inc. (USD) 7.5% 4/15/2026 144A (04/09/2019): 2000MM Secured Notes, Price at Issuance 100, Yielding 7.5%.
|1. E.W. Scripps: $1.85B term loans and unsecured debt, Expected Q1 2019
2. Twinset Spa: ¬170M 5 year senior secured floating-rate notes, Expected Q1 2019
Golden Entertainment Inc. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 4/5/19, with a net inflow of $2.0B, year-to-date $12.0B flowed into high-yield.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Hertz Corp. (5Y Sen USD XR14)
Hovnanian Enterprises Inc. (5Y Sen USD XR14)
|Cable & Wireless Communication (5Y Sen USD CR14)
San Miguel Corp. (5Y Sen USD CR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- MW Industries Inc., Ultimate Software Group, Crossamerica Partners LP
OVERALL CREDIT MARKET:
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 17 bp (basis points), as of 04/10/19
- Net positive capital flows into high-yield ETFs & mutual funds
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