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
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