MARKETS WERE UP AS PLANS TO REOPEN THE ECONOMY ARE FLOATED BY BOTH THE FEDERAL AND STATE GOVERNMENT. A CONSORTIUM OF STATES ON BOTH THE WEST COAST AND THE EAST COAST HAVE BEEN FORMED TO COORDINATE OPENING THEIR ECONOMIES. 10 Year Treasury notes were up .3 basis points. S&P +3.06%, Dow +2.39%, NASDAQ +3.95%.
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Market Summaries
North American Bond Research – April 14, 2020
Posted on April 14, 2020|
HIGH YIELD BOND RESEARCH
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April 14, 2020
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Bond Markets
CORONA VIRUS UPDATE: GLOBAL CORONAVIRUS TO DATE HAS HAD 2 MILLION+ CASES AND 125000+ DEATHS. IN THE UNITED STATES THE CORONAVIRUS COUNT IS 610000+ CASES AND 26000+ DEATHS. Among high-grade bonds showing topmost price gains at appreciable volumes traded, Ford Motor Co (USD) 7.4% 11/1/2046 made analysts’ ‘Conviction Buy’ list. (See the chart below for Ford Motor Co bonds) Pierre Robert
| Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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General Motors Co. 6.25% 10/2/2043 Ford Motor Credit Co. 5.113% 5/3/2029 SpringLeaf Finance Corp. 7.125% 3/15/2026 Alcoa Inc. 5.125% 10/1/2024 SpringLeaf Finance Corp. 6.125% 5/15/2022 Ford Motor Co. 4.346% 12/8/2026 Charter Communications Operating LLC 4.8% 3/1/2050 Ford Motor Credit Co. 4.389% 1/8/2026 SpringLeaf Finance Corp. 5.375% 11/15/2029 Petrobras Global Finance BV 6.85% 6/5/2115 |
| Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| New Issues | Forward Calendar |
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(None Current 04/13/2020)
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1. Alpha Auto Group: $225MM notes
2. Martin Midstream Partners LP: $400MM senior secured notes 3. INTL Fcstone: $350MM senior secured notes 4. AVI-SPL: $370MM covenant lite TLB (B2/B) 5. Open Lending LLC: $225MM TLB 6. Xperi Corp. : $1.1B seven-year secured covenant lite TLB 7. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A 8. T-Mobile USA Inc.: $8B senior secured credit facilities: $4B five-year revolver; $4B seven-year cove-lite TL 9. Tata Chemicals North America Inc. : $380MM TL (Ba3) 10. Snapav: $390MM term loans: $290MM TL (B2); $100MM TL |
Additional Commentary
NEW ISSUANCE WATCH: No New Issues.
| Top Widening Loans | Top Narrowing Loans |
| Donnelley Financial Solutions Inc (USD) TLB L+300 09/29/2023 Wittur (EUR) TLB E+450 09/23/2026 Arvos Holding (EUR) TLB2 E+450 08/29/2021 Epic Y-Grade (USD) TLB L+600 06/13/2024 Bartec Holding GmbH (EUR) TLC5 06/30/2022 |
Prosol Gestion (EUR) TLB E+400 04/21/2024 Sebia SA (EUR) TLB E+300 10/24/2024 Duff & Phelps LLC (USD) TL L+375 03/06/2027 Help/Systems LLC (USD) TL 10/30/2027 BCA Marketplace PLC (EUR) TLB2 E+325 09/24/2026 |
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Symantec Corp., Broadcom LTD, Toll Brothers Inc., Cole-Parmer Instrument Co.
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 100 bp (basis points), as of 04/14/2020
- Net negative capital flows into high-yield ETFs & mutual funds
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INVESTMENT GRADE BOND RESEARCH
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April 14, 2020
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Bond Markets
MARKETS WERE UP AS PLANS TO REOPEN THE ECONOMY ARE FLOATED BY BOTH THE FEDERAL AND STATE GOVERNMENT. A CONSORTIUM OF STATES ON BOTH THE WEST COAST AND THE EAST COAST HAVE BEEN FORMED TO COORDINATE OPENING THEIR ECONOMIES. 10 Year Treasury notes were up .3 basis points. S&P +3.06%, Dow +2.39%, NASDAQ +3.95%.
CORONA VIRUS UPDATE: GLOBAL CORONAVIRUS TO DATE HAS HAD 2 MILLION+ CASES AND 125000+ DEATHS. IN THE UNITED STATES THE CORONAVIRUS COUNT IS 610000+ CASES AND 26000+ DEATHS. Among high-grade bonds showing topmost price gains at appreciable volumes traded, Ford Motor Co (USD) 7.4% 11/1/2046 made analysts’ ‘Conviction Buy’ list. (See the chart below for Ford Motor Co bonds) Pierre Robert
| Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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GE Capital Intl. Funding Co. 4.418% 11/15/2035 Keurig Dr Pepper Inc. 3.8% 5/1/2050 Comcast Corp. 3.4% 4/1/2030 CVS Health Corp. 5.05% 3/25/2048 Chevron Corp. 2.1% 5/16/2021 Keurig Dr Pepper Inc. 3.551% 5/25/2021 Keurig Dr Pepper Inc. 3.2% 5/1/2030 Ryder System Inc. 4.625% 6/1/2025 Oracle Corp. 3.6% 4/1/2040 Citigroup Inc. 3.106% 4/8/2026 |
| Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| New Issues | New Issues [Continued] |
|---|---|
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(None Current 04/13/2020)
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Additional Commentary
NEW ISSUANCE WATCH: on 04/03/2020 participants welcome a $1000MM new corporate-bond offering by NiSource Inc.
| Top Widening Loans | Top Narrowing Loans |
| Donnelley Financial Solutions Inc (USD) TLB L+300 09/29/2023 Wittur (EUR) TLB E+450 09/23/2026 Arvos Holding (EUR) TLB2 E+450 08/29/2021 Epic Y-Grade (USD) TLB L+600 06/13/2024 Bartec Holding GmbH (EUR) TLC5 06/30/2022 |
Prosol Gestion (EUR) TLB E+400 04/21/2024 Sebia SA (EUR) TLB E+300 10/24/2024 Duff & Phelps LLC (USD) TL L+375 03/06/2027 Help/Systems LLC (USD) TL 10/30/2027 BCA Marketplace PLC (EUR) TLB2 E+325 09/24/2026 |
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Symantec Corp., Broadcom LTD, Toll Brothers Inc., Cole-Parmer Instrument Co.
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 100 bp (basis points), as of 04/14/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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