High Yield Bond Research – May 3, 2019Posted on May 3, 2019
|Key Gainers and Losers||Volume Leaders|
|Pacific Gas & Electric Co. 6.05% 3/1/2034
Range Resources Corp. 4.875% 5/15/2025
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. Altice Luxembourg SA (USD) 10.5% 5/15/2027 144A (05/03/2019):1600MM Senior Unsecured Notes.
2. Twin River Worldwide Hldgs. Inc. (USD) 6.75% 6/1/2027 Reg S (05/03/2019): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.75%.
|1. General Electric Distributed Power: $600M high-yield bonds, Expected Q2 2019
2. Calpine Corp.: $1.4B bonds, Expected Q2 2019
Twin River Worldwide Hldgs. Inc. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 4/26/19, with a net outflow of $0.520B, year-to-date $13.8B flowed into high-yield.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Hertz Corp. (5Y Sen USD CR14)
Hovnanian Enterprises Inc. (5Y Sen USD MR14)
|Road King Infrastructure LTD (5Y Sen USD CR14)
Cable & Wireless Communication (5Y Sen USD CR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Lonsdale Finance Pty LTD, iHeartCommunications Inc., Flexera Software Inc., JBS USA LLC
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 15 bp (basis points), as of 05/03/19
- Net positive capital flows into high-yield ETFs & mutual funds
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