High Yield Bond Research – March 29, 2019Posted on March 29, 2019
|Key Gainers and Losers||Volume Leaders|
|Argos Merger Sub Inc. 7.125% 3/15/2023 144A
Windstream Services LLC 9% 6/30/2025 144A
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. Surgery Center Holdings Inc. (USD) 10% 4/15/2027 Reg S (03/28/2019): 430MM Senior Unsecured Notes, Price at Issuance 100, Yielding 10%.
2. Surgery Center Holdings Inc. (USD) 10% 4/15/2027 144A (03/29/2019): 430MM Senior Unsecured Notes, Price at Issuance 100, Yielding 10%.
|1. ADT Inc.: $2.75B, Expected Q2 2019
2. Twinset Spa: ¬170M 5 year senior secured floating-rate notes, Expected Q1 2019
Surgery Center Holdings Inc. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 3/22/19, with a net inflow of $1.8B, year-to-date $10B 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:
- Kirby Corp., Syneos Health, Inc., Fred Olsen Wind LTD, Carbonite 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 18 bp (basis points), as of 03/29/19
- Net positive capital flows into high-yield ETFs & mutual funds
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