High Yield Bond Research – March 18, 2019Posted on March 18, 2019
|Key Gainers and Losers||Volume Leaders|
|Prime Security Service 9.25% 5/15/2023 144A
Intelsat Connect Finance 9.5% 2/15/2023 144A
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. Panther BF Aggregator 2 LP Panther Finance Co. Inc. (USD) 6.25% 5/15/2026 144A (03/18/2019): 1000MM Secured Notes, Price at Issuance 100, Yielding 6.25%.
2. Panther BF Aggregator 2 LP Panther Finance Co. Inc. (USD) 8.5% 5/15/2027 144A (03/18/2019): 1950MM Senior Unsecured Notes, Price at Issuance 100, Yielding 8.5%.
|1. ADT Inc.: $2.75B, Expected Q2 2019
2. Twinset Spa: ¬170M 5 year senior secured floating-rate notes, Expected Q1 2019
Westmoreland Coal Co. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 3/15/19, with a net inflow of $1.0B, year-to-date $8.2B 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)
|Road King Infrastructure LTD (5Y Sen USD MR14)
San Miguel Corp. (5Y Sen USD CR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- TruGreen LP, PetVet Care Centers LLC, XPO Logistics Inc., MYOB LTD, Dell International
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 19 bp (basis points), as of 03/18/19
- Net positive capital flows into high-yield ETFs & mutual funds
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