High Yield Bond Research – April 25, 2019Posted on April 25, 2019
|Key Gainers and Losers||Volume Leaders|
|Petrobras Global Finance BV 6.85% 6/5/2115
VRX Escrow Corp. 6.125% 4/15/2025 144A
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. 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%.
2. Adient US LLC (USD) 7% 5/15/2026 Reg S (04/25/2019): 800MM Secured Notes, Price at Issuance 100, Yielding 7%.
|1. Twin River Management Group Inc.: $350M bonds, Expected Q2 2019
2. General Electric Distributed Power: $600M high-yield bonds, Expected Q2 2019
Adient US 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)|
|Hertz Corp. (5Y Sen USD XR14)
Hovnanian Enterprises Inc. (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:
- Sundyne US Purchaser, Prysmian, Project Maple II BV, Trade Me Group LTD, Jane Street
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 04/25/19
- Net positive capital flows into high-yield ETFs & mutual funds
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