
North American Bond Research – April 15, 2020
Posted on April 15, 2020
HIGH YIELD BOND RESEARCH
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April 15, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Occidental Petroleum Corp. 2.7% 8/15/2022 Frontier Communications Corp. 11% 9/15/2025 Occidental Petroleum Corp. 3.125% 2/15/2022 EQT Corp. 3.9% 10/1/2027 Ally Financial Inc. 3.875% 5/21/2024 Crown Castle Intl Corp. 5.25% 1/15/2023 Occidental Petroleum Corp. 2.6% 8/13/2021 EQT Corp. 3% 10/1/2022 Petrobras Global Finance BV 7.375% 1/17/2027 Gap Inc. 5.95% 4/12/2021 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Sabre GLBL Inc. (USD) 9.25% 4/15/2025 144A (04/14/2020): 775MM Secured Notes, Price at Issuance 100, Yielding 9.25%.
2. Spirit Aerosystems Inc. (USD) 7.5% 4/15/2025 Reg S (04/14/2020): 1200MM Second Lien Notes, Price at Issuance 100, Yielding 7.5%. 3. Spirit Aerosystems Inc. (USD) 7.5% 4/15/2025 144A (04/15/2020): 1200MM Second Lien Notes, Price at Issuance 100, Yielding 7.5%. 4. HAT Hldg I LLC Hat Hldg II LLC (USD) 6% 4/15/2025 144A (04/15/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6%. 5. HAT Hldg I LLC Hat Hldg II LLC (USD) 6% 4/15/2025 Reg S (04/15/2020): 400MM Senior Unsecured , Price at Issuance 100, Yielding 6%. |
1. Open Lending LLC: $225MM TLB
2. Xperi Corp. : $1.1B seven-year secured covenant lite TLB 3. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A 4. T-Mobile USA Inc.: $8B senior secured credit facilities: $4B five-year revolver; $4B seven-year cove-lite TL 5. Tata Chemicals North America Inc. : $380MM TL (Ba3) 6. Innovate Xcessories & Services LLC: $695MM credit facilities: $75MM revolver; $620MM TL(B2/B) 7. Instructure: $825MM senior secured credit facilities: $50MM revolver; $775MM TL 8. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 9. Snapav: $390MM term loans: $290MM TL (B2); $100MM TL 10. Service Logic: $140MM bank debt: $40MM TL; $100MM DD TL |
Top Widening Loans | Top Narrowing Loans |
Ascent Resources Marcellus LLC (USD) TL EXT L+650 12/31/2049 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Tenneco Inc. (USD) TLA L+175 10/01/2023 Allnex Sarl (USD) TB2 L+325 09/13/2023 Arvos Holding (EUR) TLB2 E+450 08/29/2021 |
CB Richard Ellis Services Inc. (USD) TLA L+100 03/04/2024 Concordia International (EUR) TL E+525 09/06/2024 TI Automotive LTD (USD) TLB L+275 06/30/2022 Ball Corp. (USD) TLA L+150 03/21/2024 Altra Industrial Motion Inc. (USD) TL L+200 10/01/2025 |
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 101 bp (basis points), as of 04/15/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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April 15, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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General Electric Co. 4.35% 5/1/2050 Exxon Mobil Corp. 2.61% 10/15/2030 Exxon Mobil Corp. 3.452% 4/15/2051 General Electric Co. 3.625% 5/1/2030 Cigna Corp. 3.4% 3/15/2050 Exxon Mobil Corp. 1.571% 4/15/2023 General Electric Co. 3.45% 5/1/2027 Prudential PLC 3.125% 4/14/2030 CVS Health Corp. 5.05% 3/25/2048 HSBC Hldg PLC 4.95% 3/31/2030 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Valero Energy Corp. (USD) 2.7% 4/15/2023 (04/14/2020): 850MM Senior Unsecured Notes, Price at Issuance 99.889, Yielding 2.74%.
2. USAA Capital Corp. (USD) 1.5% 5/1/2023 (04/14/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.876, Yielding 1.54%. 3. USAA Capital Corp. (USD) 2.125% 5/1/2030 (04/14/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.712, Yielding 2.16%. 4. Charter Communications Operating LLC (USD) 3.7% 4/1/2051 (04/14/2020): 1400MM Secured Notes, Price at Issuance 99.217, Yielding 3.74%. 5. Charter Communications Operating LLC (USD) 2.8% 4/1/2031 (04/14/2020): 1600MM Secured Notes, Price at Issuance 99.561, Yielding 2.85%. 6. Marriott International Inc. (USD) 5.75% 5/1/2025 (04/14/2020): 1600MM Senior Unsecured Notes, Price at Issuance 99.996, Yielding 5.75%. 7. Bank of Nova Scotia (USD) 1.625% 5/1/2023 (04/14/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.84, Yielding 1.68%. 8. Pres & Fellows of Harvar (USD) 2.517% 10/15/2050 (04/14/2020): 500MM Unsecured Notes, Price at Issuance 100, Yielding 2.52%. 9. DXC Technology Company (USD) 4% 4/15/2023 (04/14/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.884, Yielding 4.04%. 10. DXC Technology Company (USD) 4.125% 4/15/2025 (04/14/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.791, Yielding 4.17%. |
Top Widening Loans | Top Narrowing Loans |
Ascent Resources Marcellus LLC (USD) TL EXT L+650 12/31/2049 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Tenneco Inc. (USD) TLA L+175 10/01/2023 Allnex Sarl (USD) TB2 L+325 09/13/2023 Arvos Holding (EUR) TLB2 E+450 08/29/2021 |
CB Richard Ellis Services Inc. (USD) TLA L+100 03/04/2024 Concordia International (EUR) TL E+525 09/06/2024 TI Automotive LTD (USD) TLB L+275 06/30/2022 Ball Corp. (USD) TLA L+150 03/21/2024 Altra Industrial Motion Inc. (USD) TL L+200 10/01/2025 |
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 101 bp (basis points), as of 04/15/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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