High Yield Bond Research – April 17, 2019Posted on April 17, 2019
|Key Gainers and Losers||Volume Leaders|
|Sprint Nextel Corp. 7.875% 9/15/2023
HCA Inc. 5.5% 6/15/2047
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. Co-operative Bank PLC (GBP) 9.5% 4/25/2029 (04/17/2019):200MM Subordinated Notes.
2. Vizient Inc. (USD) 6.25% 5/15/2027 144A (04/17/2019): 300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.25%.
|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
Vizient Inc. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 4/12/19, with a net inflow of $0.655B, year-to-date $13.3B 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 MR14)
|SuperValu Inc. (5Y Sen USD XR14)
San Miguel Corp. (5Y Sen USD CR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Project Maple II BV, Trade Me Group LTD, Jane Street, Six Flags Inc., MW Industries Inc.
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 18 bp (basis points), as of 04/17/19
- Net positive capital flows into high-yield ETFs & mutual funds
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