High Yield Bond Research – April 2, 2019Posted on April 2, 2019
|Key Gainers and Losers||Volume Leaders|
|AmeriGas Partners LP 5.875% 8/20/2026
Charter Communications Operating LLC 5.75% 4/1/2048
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. JBS USA LLC (USD) 6.5% 4/15/2029 144A (04/01/2019): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.5%.
2. Sable Intl. Finance LTD (USD) 5.75% 9/7/2027 144A (04/02/2019):400MM Secured Notes, Price at Issuance 99.195, Yielding 5.87%.
|1. ADT Inc.: $2.75B, Expected Q2 2019
2. Starwood Property Trust Inc: $300M senior notes, Expected Q1 2019
JBS USA LLC. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 3/29/19, with a net inflow of $0.589B, year-to-date $10.6B flowed into high-yield.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Rite Aid Corp. (5Y Sen USD XR14)
Weatherford International LTD (5Y Sen USD MR14)
|Cable & Wireless Communication (5Y Sen USD CR14)
SuperValu Inc. (5Y Sen USD MR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- FLIR Systems Inc., Kirby Corp., Syneos Health, Inc., Fred Olsen Wind LTD, Carbonite 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 22 bp (basis points), as of 04/02/19
- Net positive capital flows into high-yield ETFs & mutual funds
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