
North American Bond Research – April 24, 2020
Posted on April 24, 2020
HIGH YIELD BOND RESEARCH
|
April 24, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Gap Inc. 5.95% 4/12/2021 Ford Motor Co. 8.5% 4/21/2023 Howmet Aerospace Inc. 6.875% 5/1/2025 Ford Motor Co. 9% 4/22/2025 Ford Motor Co. 9.625% 4/22/2030 Intl Lease Finance Corp. 8.25% 12/15/2020 Petrobras Global Finance BV 6.85% 6/5/2115 Teva Pharmaceuticals Fin BV 6.75% 3/1/2028 Hertz Corp. 6.25% 10/15/2022 United Rentals Inc. 4.875% 1/15/2028 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | Forward Calendar |
---|---|
1. Expedia Group Inc. (USD) 7% 5/1/2025 Reg S (04/23/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7%.
2. MGM Resorts International (USD) 6.75% 5/1/2025 (04/23/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.75%. 3. XPO Logistics Inc. (USD) 6.25% 5/1/2025 144A (04/23/2020): 850MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.25%. 4. Entegris Inc. (USD) 4.375% 4/15/2028 Reg S (04/23/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.38%. 5. Netflix Inc. (USD) 3.625% 6/15/2025 Reg S (04/23/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.63%. 6. Netflix Inc. (USD) 3.625% 6/15/2025 144A (04/23/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.63%. 7. Netflix Inc. (EUR) 3% 6/15/2025 Reg S (04/23/2020): 470MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3%. 8. Expedia Group Inc. (USD) 6.25% 5/1/2025 Reg S (04/23/2020): 2000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.25%. 9. XPO Logistics Inc. (USD) 6.25% 5/1/2025 Reg S (04/23/2020): 850MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.25%. 10. Gap Inc. (USD) 8.875% 5/15/2027 Reg S (04/23/2020): 1000MM Secured Notes, Price at Issuance 100, Yielding 8.88%. |
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 |
HSE24 Multichannel GmbH (EUR) TLB3 E+375 09/30/2021 Ascent Resources Marcellus LLC (USD) TL EXT L+650 12/31/2049 Epic Y-Grade (USD) TLB L+600 06/13/2024 NSO Group (EUR) TLB E+700 03/03/2025 Multi-Color Corp. (EUR) TLB E+500 07/02/2026 |
Orion EngineeRed Carbons Hldgs GmbH (USD) TLB L+200 07/25/2024 Concordia International (EUR) TL E+525 09/06/2024 Boluda Towage SL (EUR) TLB1 E+350 08/01/2026 Altra Industrial Motion Inc. (USD) TL L+200 10/01/2025 TI Automotive LTD (USD) TLB L+275 06/30/2022 |
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 89 bp (basis points), as of 04/24/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
|
April 24, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Exxon Mobil Corp. 2.61% 10/15/2030 Gap Inc. 5.95% 4/12/2021 Ford Motor Co. 8.5% 4/21/2023 General Electric Co. 4.35% 5/1/2050 Ascension Health 2.532% 11/15/2029 Simon Property Group Inc. 3.375% 6/15/2027 Howmet Aerospace Inc. 6.875% 5/1/2025 Costco Wholesale Corp. 1.6% 4/20/2030 Mastercard Inc. 3.35% 3/26/2030 Cigna Corp. 4.125% 11/15/2025 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | New Issues [Continued] |
---|---|
1. Marathon Petroleum Corp. (USD) 4.7% 5/1/2025 (04/23/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.805, Yielding 4.74%.
2. Expedia Group Inc. (USD) 7% 5/1/2025 Reg S (04/23/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7%. 3. Nasdaq Inc. (USD) 3.25% 4/28/2050 (04/23/2020): 500MM Senior Unsecured Notes, Price at Issuance 98.098, Yielding 3.35%. 4. Morgan Stanley (USD) 2.188% 4/28/2026 (04/23/2020): 3000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.19%. 5. First Horizon Bank (USD) 5.75% 5/1/2030 (04/23/2020): 450MM Subordinated Notes, Price at Issuance 100, Yielding 5.75%. 6. Marathon Petroleum Corp. (USD) 4.5% 5/1/2023 (04/23/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.941, Yielding 4.52%. 7. Wells Fargo & Co. (USD) 3.068% 4/30/2041 (04/23/2020): 3500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.07%. 8. Wells Fargo & Co. (USD) VAR% 4/30/2026 (04/23/2020): 3000MM Senior Unsecured Notes, Price at Issuance 100. 9. Travelers COS Inc. (USD) 2.55% 4/27/2050 (04/23/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.231, Yielding 2.59%. 10. Constellation Brands Inc. (USD) 2.875% 5/1/2030 (04/23/2020): 99MM Senior Unsecured Notes, Price at Issuance 99.801, Yielding 2.9%. |
Top Widening Loans | Top Narrowing Loans |
HSE24 Multichannel GmbH (EUR) TLB3 E+375 09/30/2021 Ascent Resources Marcellus LLC (USD) TL EXT L+650 12/31/2049 Epic Y-Grade (USD) TLB L+600 06/13/2024 NSO Group (EUR) TLB E+700 03/03/2025 Multi-Color Corp. (EUR) TLB E+500 07/02/2026 |
Orion EngineeRed Carbons Hldgs GmbH (USD) TLB L+200 07/25/2024 Concordia International (EUR) TL E+525 09/06/2024 Boluda Towage SL (EUR) TLB1 E+350 08/01/2026 Altra Industrial Motion Inc. (USD) TL L+200 10/01/2025 TI Automotive LTD (USD) TLB L+275 06/30/2022 |
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 89 bp (basis points), as of 04/24/2020
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2020 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Are you using AdvantageData?
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 500,000+ U.S. and international corporate bonds
- Over 300,000+ BDC fair value assessments dating back to 2000
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 15 products and services from debt to loans to mid-market
- Used by top buy and sell-side firms worldwide