High Yield Bond Research – March 20, 2019Posted on March 20, 2019
|Key Gainers and Losers||Volume Leaders|
|Inmarsat Finance PLC 6.5% 10/1/2024 144A
|Industry Returns Tracker|
|New Issues||Forward Calendar|
(None Current 03/20/2019)
|1. ADT Inc.: $2.75B, Expected Q2 2019
2. Starwood Property Trust Inc: $300M senior notes, 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 3/15/19, 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)
|Cable & Wireless Communication (5Y Sen USD CR14)
SuperValu Inc. (5Y Sen USD MR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Nine West Holdings Inc., TruGreen LP, PetVet Care Centers LLC, XPO Logistics Inc.
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 03/20/19
- Net positive capital flows into high-yield ETFs & mutual funds
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