High Yield Bond Research – April 24, 2019Posted on April 24, 2019
|Key Gainers and Losers||Volume Leaders|
|Pacific Gas & Electric Co. 6.05% 3/1/2034
Entertainment Properties Trust 5.75% 8/15/2022
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. Entercom Radio LLC (USD) 6.5% 5/1/2027 144A (04/24/2019):325MM Second Lien Notes, Price at Issuance 100, Yielding 6.5%.
2. Entercom Radio LLC (USD) 6.5% 5/1/2027 Reg S (04/24/2019):325MM Second Lien Notes, Price at Issuance 100, Yielding 6.5%.
|1. Starwood Property Trust Inc: $300M senior notes, Expected Q2 2019
2. E.W. Scripps: $1.85B term loans and unsecured debt, Expected Q2 2019
Entercom Radio LLC. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 4/18/19, with a net inflow of $1.1B, year-to-date $14.4B flowed into high-yield.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Weatherford International LTD (5Y Sen USD XR14)
Hertz Corp. (5Y Sen USD CR14)
|SuperValu Inc. (5Y Sen USD MR14)
Atmos Energy Corp. (5Y Sen USD MR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Prysmian, Project Maple II BV, Trade Me Group LTD, Jane Street, Six Flags 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 15 bp (basis points), as of 04/24/19
- Net positive capital flows into high-yield ETFs & mutual funds
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