High Yield Bond Research – March 15, 2019Posted on March 15, 2019
|Key Gainers and Losers||Volume Leaders|
|Chscommunity Health Systems Inc. 8% 3/15/2026 144A
Berry Global Inc. 4.5% 2/15/2026 144A
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. Par Pharmaceutical Cos Inc. (USD) 7.5% 4/1/2027 144A (03/14/2019): 1500MM Secured Notes, Price at Issuance 100, Yielding 7.5%.
2. Amkor Technology Inc. (USD) 6.625% 9/15/2027 Reg S (03/14/2019): 525MM Senior Unsecured Notes, Price at Issuance 99.5, Yielding 6.7%.
|1. Starwood Property Trust Inc: $300M senior notes, Expected Q1 2019
2. Calpine Corp.: $1.4B bonds, Expected Q1 2019
SS&C Technologies Inc. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 3/8/19, with a net outflow of $1.69B, year-to-date $7.8B 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)
|SuperValu Inc. (5Y Sen USD XR14)
San Miguel Corp. (5Y Sen USD CR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- XPO Logistics Inc., MYOB LTD, Dell International, Amer Sports 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 18 bp (basis points), as of 03/15/19
- Net positive capital flows into high-yield ETFs & mutual funds
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