High Yield Bond Research – April 5, 2019Posted on April 5, 2019
|Key Gainers and Losers||Volume Leaders|
|Pacific Gas & Electric Co. 6.05% 3/1/2034
General Motors Financial Co. Inc. 3.2% 7/13/2020
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. EnLink Midstream Partners LP (USD) 5.375% 6/1/2029 (04/04/2019): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.38%.
2. NGL Energy Partners LP (USD) 7.5% 4/15/2026 Reg S (04/05/2019): 450MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.5%.
|1. E.W. Scripps: $1.85B term loans and unsecured debt, Expected Q1 2019
2. Staples Inc. : $750M secured debt and $1.375B unsecured debt, Expected Q1 2019
Owl Rock Capital Corp. 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)|
|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 XR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Crossamerica Partners LP, Ryman Healthcare Group, FLIR Systems Inc., Kirby Corp.
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 04/05/19
- Net positive capital flows into high-yield ETFs & mutual funds
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