
North American Bond Research – April 17, 2020
Posted on April 17, 2020
HIGH YIELD BOND RESEARCH
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April 17, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Western Gas Partners LP 5.3% 3/1/2048 Occidental Petroleum Corp. 2.9% 8/15/2024 Nabors Industries LTD 4.625% 9/15/2021 (1) Jabil Circuit Inc. 4.7% 9/15/2022 EQT Corp. 7% 2/1/2030 Intelsat Jackson Hldg SA 5.5% 8/1/2023 (1) Ford Motor Co. 4.75% 1/15/2043 Ford Motor Credit Co. 3.336% 3/18/2021 Occidental Petroleum Corp. 2.7% 8/15/2022 Ford Motor Credit Co. 5.113% 5/3/2029 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Hilton Domestic Operating Co. (USD) 5.375% 5/1/2025 144A (04/16/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.38%.
2. Hilton Domestic Operating Co. (USD) 5.75% 5/1/2028 144A (04/16/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.75%. 3. Hilton Domestic Operating Co. (USD) 5.375% 5/1/2025 Reg S (04/16/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.38%. 4. Hilton Domestic Operating Co. (USD) 5.75% 5/1/2028 Reg S (04/16/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.75%. 5. Change Healthcare Hldgs LLC (USD) 5.75% 3/1/2025 (04/16/2020): 325MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.75%. 6. CDW LLC CDW Finance Corp. (USD) 4.125% 5/1/2025 (04/16/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.125%. |
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 |
Montreign Operating Co. LLC (USD) TLB L+825 01/24/2023 Epic Y-Grade (USD) TLB L+600 06/13/2024 Nemera (EUR) TLB E+400 01/22/2026 Electro Rent Corp. (USD) TL L+500 01/31/2024 Allnex Sarl (USD) TB2 L+325 09/13/2023 |
ATI Holdings (USD) TLB L+350 05/10/2023 TI Automotive LTD (USD) TLB L+275 06/30/2022 Upstream Rehabilitation (USD) TL L+450 10/24/2026 Ineos Finance PLC (EUR) TLB E+200 03/31/2024 Logoplaste (EUR) TLB E+400 10/31/2023 |
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 04/17/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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April 17, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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General Electric Co. 4.35% 5/1/2050 Oracle Corp. 2.95% 4/1/2030 Marriott Intl Inc. 5.75% 5/1/2025 Fortive Corp. 0.875% 2/15/2022 Expedia Group Inc. 3.25% 2/15/2030 Exxon Mobil Corp. 3.452% 4/15/2051 Dollar Tree Stores Inc. 3.7% 5/15/2023 JPMorgan Chase & Co. VAR% 4/22/2051 Equinor ASA 2.875% 4/6/2025 FedEx Corp. 3.8% 5/15/2025 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. National Secs Clearing (USD) 1.5% 4/23/2025 144A (04/16/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.803, Yielding 1.54%.
2. Costco Wholesale Corp. (USD) 1.375% 6/20/2027 (04/16/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.775, Yielding 1.41%. 3. Jefferies Group Inc. (EUR) 4.5% 5/4/2040 (04/16/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%. 4. Camden Property Trust (USD) 2.8% 5/15/2030 (04/16/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.929, Yielding 2.81%. 5. National Secs Clearing (USD) 1.5% 4/23/2025 Reg S (04/16/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.803, Yielding 1.54%. 6. National Secs Clearing (USD) 1.2% 4/23/2023 Reg S (04/16/2020): 1000MM Senior Unsecured Notes. 7. Toyota Credit Canada Inc. (CAD) 2.31% 10/23/2024 (04/16/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.97, Yielding 2.32%. 8. Bank of NY Mellon Corp. (USD) 1.6% 4/24/2025 (04/17/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.962, Yielding 1.61%. 9. Aeroports de Montreal (CAD) 3.03% 4/21/2050 (04/17/2020): 500MM Secured Notes, Price at Issuance 100, Yielding 3.03%. 10. National Secs Clearing (USD) 1.2% 4/23/2023 144A (04/17/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.906, Yielding 1.23%. |
Top Widening Loans | Top Narrowing Loans |
Montreign Operating Co. LLC (USD) TLB L+825 01/24/2023 Epic Y-Grade (USD) TLB L+600 06/13/2024 Nemera (EUR) TLB E+400 01/22/2026 Electro Rent Corp. (USD) TL L+500 01/31/2024 Allnex Sarl (USD) TB2 L+325 09/13/2023 |
ATI Holdings (USD) TLB L+350 05/10/2023 TI Automotive LTD (USD) TLB L+275 06/30/2022 Upstream Rehabilitation (USD) TL L+450 10/24/2026 Ineos Finance PLC (EUR) TLB E+200 03/31/2024 Logoplaste (EUR) TLB E+400 10/31/2023 |
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 04/17/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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