High Yield Bond Research – April 26, 2019Posted on April 26, 2019
|Key Gainers and Losers||Volume Leaders|
|Western Digital Corp. 4.75% 2/15/2026
Chesapeake Energy Corp. 7% 10/1/2024
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. Adient US LLC (USD) 7% 5/15/2026 144A (04/25/2019): 800MM Secured Notes, Price at Issuance 100, Yielding 7%.
2. Truck Hero Inc (USD) 8.5% 4/21/2024 (04/26/2019): 335MM First Lien Notes, Price at Issuance 100, Yielding 8.5%.
|1. Twin River Management Group Inc.: $350M bonds, Expected Q2 2019
2. General Electric Distributed Power: $600M high-yield bonds, Expected Q2 2019
Xplornet Communications 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)
|Road King Infrastructure LTD (5Y Sen USD MR14)
Cable & Wireless Communication (5Y Sen USD CR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- JBS USA LLC, Sundyne US Purchaser, Prysmian, Project Maple II BV, Trade Me Group LTD
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 04/26/19
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Are you using AdvantageData?
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 500,000+ U.S. and international corporate bonds
- Over 6,200+ CDS reference entities
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 16 products and services from debt to CDS to loans to mid-market
- Used by top buy and sell-side firms worldwide