
North American Bond Research – August 10, 2020
Posted on August 10, 2020
HIGH YIELD BOND RESEARCH
|
August 10, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Pacific Gas & Electric Co. 4.55% 7/1/2030 T-Mobile USA Inc. 3.75% 4/15/2027 144A Comstock Resources Inc. 9.75% 8/15/2026 United Rentals North AM 3.875% 2/15/2031 T-Mobile USA Inc. 3.5% 4/15/2025 144A HCA Inc. 5% 3/15/2024 T-Mobile USA Inc. 3.875% 4/15/2030 144A Ford Motor Credit Co. 3.815% 11/2/2027 MGM Resorts Intl 6.75% 5/1/2025 L Brands Inc. 7.5% 6/15/2029 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | Forward Calendar |
---|---|
1. Iron Mountain Inc. (USD) 4.5% 2/15/2031 144A (08/10/2020): 1100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%. | 1. CJ Foods Inc.: $285MM TLB
2. Tutor Perini: $375MM TLB (Ba3/BB-/BB+) 3. Smart Start Inc.: $350MM TLB 4. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 5. MAG Aerospace: $290.7MM TL (B3/B) 6. Logmein Inc.: $2.45B credit facilities: $1.95B first lien TL; $500MM second-lien TL 7. Windstream Holdings Inc.: $750MM TLB (B3/B) 8. Concord : $1.05B credit facilities (B1/B+): $450MM revolver; $600MM TLB 9. Tutor Perini: $375MM TLB (Ba3/BB-/BB+) 10. Smart Start Inc.: $350MM TLB |
Top Widening Loans | Top Narrowing Loans |
Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 American Tire Distributors Inc. (USD) TL DIP PIK L+600 09/01/2023 Coty Inc. (EUR) TLA E+175 04/05/2023 Albertsons LLC (USD) TLB8 L+275 08/17/2026 Eagle 4 Limited (USD) TL L+775 06/14/2027 |
Diebold Inc. (USD) RC L+350 08/30/2022 Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Autokiniton US Hldg, Inc. (USD) TLB L+575 05/22/2025 Carrols Restaurant Group (USD) TLB1 L+625 04/30/2026 |
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 16 bp (basis points), as of 08/10/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
|
August 10, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
BP Capital Markets America Inc. 2.772% 11/10/2050 Activision Blizzard Inc. 2.5% 9/15/2050 Pacific Gas & Electric Co. 4.55% 7/1/2030 Alphabet Inc. 2.05% 8/15/2050 Lincoln National Corp. 3.05% 1/15/2030 Alphabet Inc. 2.25% 8/15/2060 AstraZeneca PLC 1.375% 8/6/2030 Dupont de Nemours Inc. 2.169% 5/1/2023 Verizon Communications Inc. FLT% 5/15/2025 Marriott Intl Inc. 5.75% 5/1/2025 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | New Issues [Continued] |
---|---|
1. Air Lease Corp. (USD) 2.875% 1/15/2026 (08/10/2020): 700MM Senior Unsecured Notes, Price at Issuance 98.972, Yielding 3.08%.
2. Chevron USA Inc. (USD) FLT% 8/11/2023 (08/10/2020): 500MM Senior Unsecured Notes, Price at Issuance 100. 3. Chevron USA Inc. (USD) FLT% 8/12/2022 (08/10/2020): 350MM Senior Unsecured Notes, Price at Issuance 100. 4. Bunge LTD Finance Corp. (USD) 1.63% 8/17/2025 (08/10/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.995, Yielding 1.63%. 5. Kimco Realty Corp. (USD) 1.9% 3/1/2028 (08/10/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.554, Yielding 1.96%. 6. Great-West Lifeco Inc. (USD) 0.904% 8/12/2025 144A (08/10/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding .9%. 7. Visa Inc. (USD) 2% 8/15/2050 (08/10/2020): 1750MM Senior Unsecured Notes, Price at Issuance 98.928, Yielding 2.05%. 8. Ecolab Inc. (USD) 1.3% 1/30/2031 (08/10/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.942, Yielding 1.31%. 9. Ecolab Inc. (USD) 2.125% 8/15/2050 (08/10/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.121, Yielding 2.16%. 10. Chevron USA Inc. (USD) 1.018% 8/12/2027 (08/10/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.02%. |
Top Widening Loans | Top Narrowing Loans |
Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 American Tire Distributors Inc. (USD) TL DIP PIK L+600 09/01/2023 Coty Inc. (EUR) TLA E+175 04/05/2023 Albertsons LLC (USD) TLB8 L+275 08/17/2026 Eagle 4 Limited (USD) TL L+775 06/14/2027 |
Diebold Inc. (USD) RC L+350 08/30/2022 Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Autokiniton US Hldg, Inc. (USD) TLB L+575 05/22/2025 Carrols Restaurant Group (USD) TLB1 L+625 04/30/2026 |
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 16 bp (basis points), as of 08/10/2020
- 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.
Disclaimer: The information on this blog site is for informational purposes only. Advantage Data makes no representations as to the accuracy, completeness, suitability, or validity, of any information. Advantage Data will not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. All information is provided AS-IS with no warranties and confers no rights. Information is not and should not be considered professional financial investment advice. In all events, Advantage Data is not a broker-dealer, shall not operate as a broker or a dealer, is not holding itself out as a broker or dealer and is not engaged in the business of buying or selling securities or otherwise required to register with the National Association of Securities Dealers.
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